Iron Man att. Vandal Savage using running shot, Token Wolverine for Shield team ability, att. 11 vs. def 16 invulnerability, Need 5+ roll to deal 2 damage (3+1-2), roll (3+5)=8 hit

I'm pretty sure he can't do this correct?

He can. This is THE exception to the No Tokenable action during another action rule that I'm aware of.

That all sounds perfectly legal as long as after the movement portion of running shot he is adjacent to Wolverine. The SHIELD TA is one of the few exceptions to no action in the middle of another action, if that is what is causing the confusion.

Does the shield agent have to see the target also.

No, it operates similarly to enhancement where adjacency is all that is required.

No, he does not need Line of Fire to the target.

Nope. Just be adjacent to fig making attack.

but if he carried Wolverine he would not be able to use the tokenable part of the TA.

correct. i think

Maraud is correct, because the "tokenable part" is a Power Action. Only Free Actions may be taken by a figure after being carried.

ok correct me if im wrong, but if you carried Wolvie then you wouldn't get either bonus as a carried fig is actually 'out of play' while being carried. In other words you don't drop Wolvie til AFTER the attack has been made so he isn't actually adjacent to anything til after the attack.

i guess maybe free actions can be used ANY time during a turn? And if that's the case then you could then use outwit in the middle of a running shot? That seems kinda crazy if it's true :\

From the Player's Guide :
"Characters using Running Shot still follow standard rules of movement, including break away and the ability to carry other figures. However, a carried figure must be dropped before the character using Running Shot uses the Free Action portion of Running Shot to attack."

Depends on the wording of said free actions. Outwit, just like Perplex, cannot be used during another action.

"Outwit
Once during your turn (but not during another action), as a free action this character counters a power or an ability (other than a team ability) possessed by a single target opposing character.[...]"

Actually, in most cases one action must be fully resolved before another action of any type (including free) can be given. To my knowledge the SHIELD TA is the only exception to this. Where people get confused is by thinking that PC is a free action that occurs during another action, when in reality it is not any type of action.