I'm playing master hard mode on a sealther and when they get on you in mele it can be rough.

I was thinking of putting 5 points into shield and using a shield/1hander when I have to, to survive.

Does this sound about right or am I wasting the points in shield?

It depends on where else you might want to use those points. If you can afford it, and it feels right for your character, then do it. But have you thought about dual-wielding instead? Granted, there's no defense, but you can do more damage when they get that close, especially if you already have some skill in one-handed.

What level is your character, and what have you perked so far?

If your going to use a shield a little you might as well perk it for bash and arrow deflection. With shield bash its almost like duel wielding.