The shield is too far back on all players arms but only the first person view of the normal width armed players is the shield too low. The spyglass is held way too high in the first person of the normal armed players but both look fine in 3rd person.
The player's arm should loop inside the shield handle and should be held at a reasonable hight along with the spyglass.
(The gray character is the small armed player)
(Also shields in the main hand are too high up for normal armed players and too far forward on the arm for both)