Yeah you can put hand guards on with the monster shield. Its really not for dual sport riding though. If you stand or climb a steep hill it will probably be in the way. Lonerider had one and he added thumb fasteners for taking it off quickly. Not sure if he kept using it, I know he did lots of cross country riding and said he had better wind protection than his GS.
Read this thread if you haven't already: http://www.advrider.com/forums/showthread.php?t=164001
The Cee Baily kinda sucks, you really need to add some large spacers to get the angle better. Its way to laid back in stock form, I hated mine. Mounting something that large to the head light plastic is not smart. It will flop around, you will need to make some supports for it to keep it out of your lap.
The best of that type is the Australian outfit, I think its called screens for bikes. You'll find it in the ADV thread. I wanted more protection and full ability to change height and angle. I ended up going with a Spitfire and I'm happy. Got it set right and locked down. Its a great set up if you want to block a lot of bugs. It mounts to the bars and you can adjust it how ever you like it. I'm 6'-4" and I can put clean air to my chin. I do have CR-high bars and 1" risers that help get the Spitfire high enough. There is also the smaller tombstone one and many others of the same brand. I paid $67 for my tinted Spitfire... It does have to come off on rough trails or you will take a hit to the face. Its fine on average forestry roads and such. If your standing a lot beware of that sucker coming up to meet you..