I've never gotten it from the chest (but I have gotten the shield there several times).
I have gotten if from a drop off of the Ghosts, took about 2 1/2 hours of reloading just b4 the battle AND I was killing them fairly quickly - whent through about 30 reloads I'd say. Not really worth it as it is nothing more than an enhanced damage version of Fang. Sells really well though.
The odd thing is that usually takes almost as many reloads with greater difficulty to get the shield. Then on one occasion, after getting the shield in the chest, I got a second shield immeadiatly afterward from the Helazoid woman...go figure.
Overall I'd have to say the shield is far more worthwhile to keep.
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