Something like that yeah.
The original idea was that a lone fighter would have a frontal shield about as large and powerful as any other shielded fighter's shield, not very impressive at all. When two or more are close enough to each other, however, the shield would combine and expand to cover them both, everything between them, and of course, everything behind them as well. They would then orient themselves to make the shield as circular as possible, or as straight as possible depending on your orders.
If shields cannot combine in that way then perhaps the shield could "charge up" and increase in strength, and maybe size, the longer it is up. Being in close proximity to other fighters could then increase the speed of charging, lower resulting speed penalties if any exist, increase the shield strength and size caps, distribute flux generated evenly to each nearby fighter that is contributing, and lower the amount of flux generated from each hit OR increase the amount of flux vented from each individual fighter. All of which would preserve the usefulness of multiple wings of these fighters.
It's a shame the shields can't combine. Even if it didn't make the game it'd be neat to have as a mod. Imagine a lone Odyssey equipped with high energy focus protected by a gigantic shield from these fighters bombarding you with tachyon lances...