Srivatsa has two things it's actually sorta good for.
It has the highest HP/MP in the sub slot.
It has the highest enmity+ in the sub slot.
Although both of these have very limited application if you don't want to swap shields constantly. I can't think of a single comabt situation in the game during which I'd full time Srivatsa.
And that's pretty much it. There's shields that are better for pretty much everything else.
Blurred+1 is a far better pure DPS shield, Ochain/Priwen stomp Srivatsa for physical dmg reduction, and Aegis remains the king vs magic.
About all I'm getting from the idea of using Arke with Srivatsa is that you're trying to take more dmg to get more TP?
If that was the idea, then either take the shield off entirely(or wear aegis, amounts to about the same block rate as not having a shield on. -.-;; ), dual wield for more DPS, or just use Ochain for the fairly significant shield mastery TP gains.
TLDR; the best use I've yet seen for Srivatsa is for lockstyle. It does look kinda neat.