Would it be possible to create a mod that makes your two hands work seperately, so you can draw your weapon/shield/magic in one but keep the other weapon sheathed?

I doubt it, I'm pretty sure that stuff is embedded in the engine (since the Morrowind days, actually).

May I ask why you'd want to do this?

I was just thinking it would be cool to charge at an enemy with a sword drawn and a sheild on my back, fighting with a shield on my back as kind of a cocky character.Thanks for the reply though

I think there are a couple mods that put shields on your back.

Here's one of them: http://steamcommunity.com/sharedfiles/filedetails/?id=10451