IMO these two ideas go hand-in-hand perfectly, one mod complements the other. As I remember it (and bear in mind it was a long time since I played Oblivion) you held & used a torch as usual, but you had the feature that you could throw it forward, or drop it to your left. When you did, you automatically re-equipped your shield or whatever you had in your left hand when you equipped your torch.
'Twould be a perfect combo
