To the OP, if you're looking to tank with the bard and have your friend running a shaman, Enraging Blow augs may be the better way to go for agro than CS4. As I recall, bards have a built in agro reduction modifier on all spells and this includes the stun proc from Chaotic Strike. EB isn't counted as a spell, according to the folks over at the Steel Warrior, so you get the full agro from the proc. Not sure if this has changed with time, but when I first started hydraing Fenring with my shaman, I asked what would be the most agro and was told to get the agro axes from the DoN camps and put EB augs on them.
As far as the question, is shm/bard a good team, I say hell yes. If/when you get into raiding, shm/bard is the foundation of most melee dps groups so having one person running both makes the RL's life a bit easier. Also, having one person running both the shm/bard makes the debuff team's life alot easier since you don't have to ask a solo bard for HoS/ACC when the mob's being stubborn and won't slow, you already know from the curses in the debuff channel.
Someone else mentioned root/rotting with Virulent Paralysis, and I have to agree, this is an excellent non-group hunting technique. The shaman can unload on the DoTs and you'll probably get better dps this way than you would with the bard tanking since we're not exactly known for our dps and the shaman doesn't have to be careful on agro. Tanking, you might get away with 3 DoTs on the shaman, with root/rotting, he can have 6 or more going, landing 8k/tick + the bard chants with proper AA and foci.