I lack the skillz to make this any good. But I know it is not difficult to accomplish. The idea is to have a shield and weapon to show at each side of the horse.
This would allow me to store each item in a container and toggle the mesh on the horse each time the player fixes the weapon.
To simplify things, instead of making a shield mesh for each and everyone of the shields available, just make a shield wrapped up in cloth, or something like that.
Same for the weapons, though I might suggest having one mesh for each type (blunt, longsword, mace, etc.)