I don't think we should put hp on FH, we already have 3 hp+armor items. Rather increase the armor back to 100 as it once was(even if it means higher gold cost)
I like the shield Idea how ever, helps a bit vs poke and synergieses with Warmongs.
However, there are 2 other selling points of FH that imo could use buffs to make it more potent in it's niche: The mana, it's one of the few tank items that helps with mana. Something like +100% base manareg for 4sec whenever you take damage from a champion or large monster would make it a good option for solveing mana issues.
Ther other thing is the Aura, just buff it back to 20% or even 25% AS-slow, and a bigger aura range wouldn't hurt either.
I also wouldn't mind seeing either a ms-slow aura(like 2%, stacking up to 20% over 10 sec) or 10-15% slow on getting hit for ~1-2sec(old randuins passive), as that would fit with the frost theme.
If cdr actually was something special it would help FH aswell, back in the days the 20%cdr really was a selling point, now most core gears get 30% from items+10 from runes easily, with 20% cdr on stuff like trinity, Iceborn and BC while everyone gets SV or maw for another 10%
It woud also be nice to have a big ticket HP item again, as that would work well with armor only items like FH or Thornmail.
Anyway, there are plenty ways of buffing FH without turning it into yet another armor/hp item