The figure is set up out of the box to have the shield slung across its back. The diagonal strap that encircles his chest is the shields guige strap. This strap served two functions. One as depicted on the figure, allows the shield to be slung across the back, the other is to help secure the shield so that it isn't dropped or pulled away from the owner.
Normaly there would be two or three straps connected to the shield that suspended the shield from the forearm and wrist and palm. In the case of a center bossed shield (a shield with a dome in the center) the "handle" would be behind the boss. This is a slightly different configuration and way of handling a shield.
The boards mentioned by ski4jeepin are called ailettes (french - little wings) and are a heraldic device more than anything else. They were made of leather, stiffened parchment and or thin wood and had the owners arms or badge painted on them. These were laced through the mail or armor and simply tied on.
A decal would work fine for the shield if you weren't inclined to try and paint your own heraldry. Apply the decal as you would on a piece of armor or aircraft. Some painted highlights over the decal will give it a painted look. If you want to try and paint your own heraldry, its an easy enough process to do. Heraldry is pretty easy for the 14th c. and the arms of a shield or surcoat rarely include a full achievement. Usually a field (color) possibly a pattern or division (cross, pale, fess, etc.) and a charge (a component of the owners heraldry). This was the practice and was usually the badge or livery of the owner. Same for the ailettes.
Andrea makes a transfer set of heraldic images and there is a company now that is releasing masks (stencils) for helraldic use.
Mike
"Imagination is the dye that colors our lives"
Marcus Aurellius
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