Anyhow, what I meant for the visible shield is that you would have a tranluecent bubble around the ship, that would flicker or something when hit with weapons fire.
Something kind of like this:

Another idea I came up with, that depending on how it is aproached could be very hard or reletively simple: The ability to shield another object by extending your own shield to it. The simple method would be to have a usable object that would add a shield to the other object. That would be simple, but wouldn't have the right effect. The hard way that would look a lot cooler would be to have an energy beam between your ship and the object.