I think you're bypassing the "don" and "doff" rule for shields.
I agree that there's daylight to be seen between carrying and "wielding" a shield. But I'll pose you this question: if you can have a shield and switch states from "wearing" to "wielding" it freely, then what is donning or doffing?
As for the comparison to equipping a weapon, I don't think it's valid. No weapon classes are described as requiring an equip-time; all armor are described as needing time to make usable. (I'm ignoring the little bit of time-constraint provided by "loading".)
My read of your description above is that you've house-ruled the donning and doffing of a shield to cost zero in the action economy. If that works for your group, that's great. But I think it is a departure from PHB rules.
For mundane weapons, you have already found the answer.
- @Eternallord66 points out that warhammers would be a "best" choice, or flails; there are 12 monsters vulnerable to bludgeoning damage, 0 vulnerable to slashing damage, and 0 vulnerable to mundane piercing damage.
For magical weapons: a moonblade that has multiple runes on it and a Rod of Lordly Might.
Since the history and runic additions for a given moonblade are completely at the mercy of the DM who has that weapon in their world, two +3 warhammers/longswords/rapiers/battlezses would seem to be a more "practical" max since attunement to the weapons is not required.
But, if you have access to magical items that are "legendary" in your campaign ...
A more "practical" answer: a Rod of Lordly Might and a +3 weapon
If you push button two, you'd get two +3 weapons.
If you push botton one, you'd get a flame tongues which each do 2d6 additional damage, and your +3 weapon. The flame tongue adds seven damage on average unless the target is fire immune/resistant.
The above does not rely on the "how many previous owners" problem that the moonblade answer does.
Could you use a Flame Tongue and a Rod of Lordly Might together?
Technically yes. You can push button two to get a second flame tongue from the Rod, and end up with two flame tongues. Even though you are attuned to what looks like two flame tongues, you are actually attuned to a flame tongue and a rod of Lordly Might.
If you can find them, you want a Rod of Lordly Might and a Flame Tongue
(Longsword or rapier for the flame tongue so that it's one handed)
Thanks to @V2Blast for reminding me that you can't attune to two copies of the same weapon
Best Answer
No, there's no benefit to leaving an empty hand
Based on the latest playtest material of 2013.10.14 there is no incentive to leave a hand empty.
And logically, why would there be one? You have two arms, use them. If you miss a hand, just strap a shield to your forearm.
There is no official weapon that doesn't look like a weapon.