Sword: yes, your sword will look fine. The sword is layered under the player image. The template's forward (up) -facing frames cut off part of the sword because your player's body would hide the rest anyway.

Shield: no. shields must be made with one of the templates (im 90% sure), but there are several different templates to choose from.

edit: or instead of making a shield, a body with sword on back is probably a better idea as valiant said