What if every shield in the game was %HP?
And I mean everything, including things like ability shields (Janna, Lulu, Sona, etc.), item shields (Face of the Mountain, Locket of the Iron Solari, etc.) and Barrier. This would weaken shield stacking on carries. While this would also mean that tanks with shields will be nigh unkillable, the tradeoff is that the frontline is getting more shielding than the carry who might need it more.
Not sure if heals should also be changed accordingly. Healing scaling off of health regeneration is an interesting idea, but probable too hard to balance. Or easier, if we also rework grievous wound somehow. I'm not sure.