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This may be a bug, but according to a shaman from Afterlife, Spellshield from items reduces damage a shaman takes from Cannibalize. For those who dont know Cannibalize converts hitpoints to mana. 148 hitpoints to 75 mana to be precise. So theoretically, if you somehow managed to fill 6 slots with +25 spellshield modifiers (and yes they DO stack), a shaman could chain cast cannibalize IV for a free 75 mana each cast.
If this is correct and could be done whether it's a little or alot of spell shield protection from the hp portion of mcanni, wouldn't the translated amount that becomes mana be reduced in the same percentage of canni avoided via spell shield?