Actually, crafted one-handed weapons with the same number of damage slots will have the same absolute damage rating (you can easily verify this yourself if you have two schematics of the same tier/slots). This means that any crafted weapon will be about as damaging when using attack abilities, but axes are theoretically stronger when auto-attacking. I haven't played a weapon and shield warrior yet, but I hear they are blessed with useful attacks and short cooldowns, so auto-attack damage may not be the biggest factor in your warrior's total output.
There's also the question of what you are optimizing for. A W&S warrior's primary job is not damage, and secondary slots on weapons may be more significant. Consider the Long-Bearded Axe vs. the Thrusting Longsword (likely to be the best schematics you get before the tier 3 ones start rolling in). The Long-Bearded Axe is saddled with Offense: Leather slots, which are suboptimal for a tanky warrior; your critical hits are never going to be impressive, flanking damage is useless when enemies are always facing you, and bleed on hit is buggy. The Thrusting Longsword, conversely, has Offense: Metal slots, which can be used to stack armor penetration (arguably the best damage stat for one-handed warriors) or stagger on hit to create stuns for combo and control purposes.
This is not to say "Swords are awesome!" so much as to say that the Offense/Utility slots on your weapon are probably more important than the displayed DPS value, assuming the Damage slots are comparable.