Actually, it's not 50 points, it's 40, since you'll be using the Axe +1 ring you get at the start. Also, I would much rather have a fighter with 60 Strength + Rank 6 Axe than one with 100 Strength and Rank 2 Axe. Running around with a slow 2H weapon through most of the game means severly gimping yourself - the smooth, fast 1H combo with a shield is just that much better, both when fighting humanoids and beasts. Especially block is incredible, and almost a must-have for anyone who decides to go melee. I completed it once as a Warrior of the Inquisition with a staff, and boy that was hard compared to shield + weapon. I had to use a lot of frost crystal spells to freeze my enemies, or I wouldn't stand a chance. Ashbeasts especially were tearing me apart in melee.
The damage output at 60 strength + a good axe is more than enough to beat anything you come across, especially since you'll hit a whole lot faster (more hits = more damage) and take significantly less damage.