I prioritized wolf cape first, then the wolf leggings, then the silver shield and then the sword, then the Draugur bow. I still have yet to kill 3rd boss. My bow, wolf leggings and silver shield, and wolf cape are all level four. Not sure when I will max out the silver sword. I'm still using the level one silver sword. I recently made the Drake Helm and maxed that out as well.
I'm now only using the chest piece root armor for the pierce resist as I'm preparing for the 3rd boss fight.