You change back to your original form, everything is gone.
You shift back into the same form or different one it is gone.
This is what I mean. It's like anything for weapon vanishes after you shift back.
As far as AC goes.... There is no problem. Having +4 AC with greater transmutation and if you want more by taking ICE for +10 AC, that is very viable with some of the shapes.
Most of the shapes (no offense) are pretty much useless for damage. This is all of the dragon shapes, golum, etc, but have some pretty good AC. There are some shapes that do decent amount of damage that have around 40 AC which is good too, as long as your buff spells carry over.
But those Poly items in the inventory
