I am playing now, and I am trying to decide which to invest perks into for my Nord warrior.

Do either of those two options stand out as having either a significant advantage or disadvantage over the other?

Sword and shield has the most defense, dual wielding has the least.

2h is somewhere in between. Keep in mind that perks that specify shields will not work when blocking with 2 handed weapons.

Sword and shield is more defensive. It's all up to preference. Personally, I think Nords make better Champions (2 handed). I use sword and shield with Redguards.

I'll free up a bunch of perks if I go 2h over 1h and shield too, right?