I've tested it and shown it works how I've explained and not the way the tooltip implies. As I say the Tooltip is very poorly worded because it's been cut and paste and assumes everyone would understand exactly what it means. As this forum shows nearly daily, not everyone understands it and I felt I had to test it (same goes for Shield Slam damage).
Terms like "Block Value", "Shield Block Value" and "Total Shield Block Value" etc are all the same since the game only records the one score:
Block Value.
It might even be on your Defenses subtable on the Character sheet but I may be mixing that up with Tank Points :P
Before TBC (but
with the new Talents) I did tests via Duals and observations of fights with Mobs.
First I got a mate to repeatedly hit me to establish that my predicted Block Value was correct. i.e. I added up all my Block Values, added on 0 to 30% (depending on my Talents at the time) and observed the amounts Blocked in both the Combat Log and Floating Combat Text.
This confirmed the 30% applied to the total and not just the Shield component.
EDIT: Taking a look at
http://www.wowwiki.com/Formulas:Block they say the same except that the say your Strength component is excempt which shows my testing was not exhaustive enough but explains the slight anomolies you will see.
I also tested Shield Slam with to confirm that show that the entire Block value was added as damage.
It was and for weeks I had fun in PvP delivering some strong blows with this - to me it was a mini Mortal Strike! I actually kept this quiet as I feared a PvP nerf! Someone blew the whistle days after my test though and now a few Protection Warriors are loading up the +Block purely for the damage :)
Other people have done tests too which confirm these results.
Oh and I did the tests with anything from Block Value 5 to 200.
For Protection Warriors +Block Value is our +Spell Damage!