My opinion:
Pelt is way more useful for a Fencer than Swordsman 2 because of not only Guardian, giving 18% evasion, but of course Swashbuckling. Even if you do not build to be a pure tank, you can tank decently with a good amount of con and evasion thanks to your skills, attributes, and leather armor. Because you are a Swordsman as well, you’re going to get stuck tanking at points. It’s a given. Tbh I’m that person who says if you’re not going SW3 don’t go 2, because Restrain will proc better and it’s great for PvP.
Also, while it’s true you will take a penalty if you pop out your shield damage wise, you will really rarely ever have to unless your tanking and desperately need to block in a party. Your damage 130+ is going to come from your rank 3 and up skills.
I’m not commenting on the third option of Highlander, since it seems to be broken atm (hopefully will get fixed some day) and I’ve never played one, nor really had the interest to.
As for Barbx2>Corsairx2>Fencer1 or Barbx3>Corsair1>Fencer1? Honestly for the former I prefer it, but you know this because you read my build. The latter doesn’t seem worth it. You will lose some DPS taking a circle of Corsair - which 1 circle is more about utility - you may as well go Fencerx2. That way you can take advantage of the circle 3 attribute stacks for Frenzy. Alternatively, you could go x2 Barb, 1 Corsair, 2 Fencer. This way you gain more utility if you’re interested in PvP or farming, and still have mucho DPS. Over all though I think your goal was the most potential damage for PvE, so Barbx3>Fencerx2 would do that. Realistically however I’m going to bring this up one more time from our previous conversations that for pure damage, Dopple would out do Fencer.
I pretty much agree with everything Stevenson said as well.