To balance shields, just a few small changes would go a long way.

3. Give Minmitar suits recharge delays lower than the current Caldari ones (except scouts, which should just switch delays between Min and Cal), buff recharge rate slightly on the Min and Cal, and slightly increase Cal delays.

Armor Repair
Gallente Proto Assault
0 Complex Rep = 2.5 HP/s
1 Complex Rep = 11.88 HP/s
2 Complex Rep = 21.25 HP/s
3 Complex Rep = 30.63 HP/s
4 Complex Rep = 40.00 HP/s
5 Complex Rep = 49.38 HP/s

Shield Recharge
Caldari Proto Assault
0 Shield Energizer = 30.00 HP/s
1 Shield Energizer = 52.43 HP/s
2 Shield Energizer = 86.48 HP/s
3 Shield Energizer = 123.37 HP/s
4 Shield Energizer = 149.46 HP/s
5 Shield Energizer = 161.31 HP/s

1 Shield Recharger = 45.53 HP/s
2 Shield Recharger = 66.00 HP/s
3 Shield Recharger = 85.49 HP/s
4 Shield Recharger = 98.01 HP/s
5 Shield Recharger = 103.38 HP/s

lets do a comparison taking into account natural shield recharge delay and compare it to an equal amount of module investment between shield and armor. Assume no use of Shield Regulators and a Caldari Assault recharge delay of 5 seconds. Calcs will assume 10 seconds total to illustrate a 5 second recharge delay and 5 second of recharge time post-delay for shields and 10 seconds total for constant armor recharge. Calcs assume use of Rechargers, use of shield energizers will obviously yeild larger regen values. Also note that typically shield units will use shield regulators which will also push effective rep rates higher.

0 Modules
Shield| 30.00 HP/s * 5s = 150 HP
Armor| 2.50 HP/s * 10s = 25HP

1 Modules
Shield| 45.53 HP/s * 5s = 228 HP
Armor| 11.88 HP/s * 10s = 119 HP

2 Modules
Shield| 66.00 HP/s * 5s = 330 HP
Armor| 21.25 HP/s * 10s = 212 HP

3 Modules
Shield| 85.49 HP/s * 5s = 427 HP
Armor| 30.63 HP/s * 10s = 306 HP

4 Modules
Shield| 98.01 HP/s * 5s = 490 HP
Armor| 40.00 HP/s * 10s = 400 HP

5 Modules
Shield| 103.38HP/s * 5s = 517 HP
Armor| 49.38 HP/s * 10s = 494 HP

This of course assumes there is 10 seconds between point of damage and the end of the recovery cycle. As the total time approaches the recharge delay point of shields, its relative ratio to armor shrinks and actually goes the other way at very short durations. That is to say that at say 6 seconds, Armor will have a higher effective repair rate compared to shields, this is why is performs well in close quarters where taking damage at frequent intervals is common. Conversely as time after damage increases from 10 seconds, the ratio between the effective regen of shields and armor actually grows even larger. This is well suited for situations where the shield user is able to avoid damage for longer periods of time and thus recover far more quickly than an armor unit can. Again note that these calcs do not take into the account the use of shield regulators or the fact that armor units will also regenerate shield over time, giving them additional HP buffer.