I have been struggling with the same problem as the OP, but my solution thus far is a bit more like Baldlea's than actually using replacement proxy figures. In my game system (home grown), personal shields are useful for toughening up hero and elite models (basically giving them a 2nd armor save), but that can burn out easily if they overwhelmed. Hence, they need to be easily added to and removed from figures without completely messing up the astethic. My ideas thus far are these:
1-Colored plastic disks, ideally a bit wider than the figure bases itself, that would sit under the figure. The cons to this approach are that it will be a pain finding such disk (even worse would be making them) and it will be difficult moving the figures around the table without them constantly sliding off their shield bases.
2-Colored rubber bands which could be draped over the figures. This is the simplist, easiest, and probably most practical approach. I just don't really want rubber bands (even brightly colored ones) mucking up the astetic of my figures.
3-Small colored plastic beads that would sit on the base. Down side-they roll off. All the time. And they don't look the best.
4- Small, clear plastic domes that would sit on the figures' bases. My thought was to something like the plastic googly eyes meant for dolls and stuffed animals and which you can find in most craft shops for a dollar or two for a large pack. My idea is to cut the bottoms out and paint the inside of the dome a bright, neon color. The dome's lip will naturally grab onto the textured surface of the base, and the glowing neon dome underneath the figure could be interpreted as some sort of ground effect reflection of the shield's radiation (or whatever). They would be easy to make, easy to see and manipulate, cheap, and they won't damage the figures. I will probably go with this. They look something like this and come in many different sizes:
http://www.createforless.com/Googly-Eyes-by-Darice-Sew-On-15-mm-Black-144-pc/pid159271.aspx