I hunt and do tmaps alot so the lootage is abundant. I typically wear leather and studded. I keep all Invul and Fort. I use the ones with good bonuses for PvM and the cheaper ones I use for PVP.
This same principle I apply to Power and Vanquish weps.
Everything else I sell to the NPC. You'd be surprised all much it adds up.
As for shields, I sell all to NPC. I dont have parry on any of my toons. Not to mention, its a skill thats lost on this server.