When you have a character that acquires enough shards to increase a cover but is not yet champed, it is usually preferable to save this extra cover until you can decide exactly which color is needed later. However, sometimes one or more shard-covers can be used early without changing the probability to champ the character without wasting a cover.
For example, if the covers are distributed 4/4/3 and you have a shard-cover available, you can immediately make the character 4/4/4 as any next cover will make him champable.
To help you make these decisions I have compiled a table that shows all equivalent cover/shard-covers distributions up to 4 shard-covers. You can read the table as follows: A character with a 5/5/1 covers distribution and 1 shard-cover waiting has the same probability to be champed with the next (random) cover as a character with a 5/5/2 distribution. This probability is 33.33% (you just need one copy of the third cover in any case).
############ 1 shard-cover ###########
------------+-----------+-------------
distribution| equivalent| probability
------------+-----------+-------------
551+1 | 552+0 | 33.33%
542+1 | 543+0 | 66.67%
533+1 | 543+0 | 66.67%
443+1 | 444+0 | 100.00%
------------+-----------+-------------
550+1 | 551+0 | 11.11%
541+1 | 542+0 | 33.33%
532+1 | 533+0 | 44.44%
442+1 | 443+0 | 77.78%
------------+-----------+-------------
540+1 | 541+0 | 14.81%
531+1 | 532+0 | 25.93%
441+1 | 442+0 | 48.15%
------------+-----------+-------------
530+1 | 531+0 | 13.58%
440+1 | 441+0 | 25.93%
------------+-----------+-------------
########### 2 shard-covers ###########
------------+-----------+-------------
distribution| equivalent| probability
------------+-----------+-------------
550+2 | 552+0 | 33.33%
541+2 | 543+0 | 66.67%
532+2 | 543+0 | 66.67%
442+2 | 444+0 | 100.00%
433+2 | 444+0 | 100.00%
------------+-----------+-------------
540+2 | 542+0 | 33.33%
531+2 | 533+0 | 44.44%
522+2 | 533+0 | 44.44%
441+2 | 443+0 | 77.78%
432+2 | 433+1 | 88.89%
------------+-----------+-------------
530+2 | 532+0 | 25.93%
521+2 | 522+1 | 29.63%
440+2 | 442+0 | 48.15%
431+2 | 432+1 | 70.37%
------------+-----------+-------------
520+2 | 521+1 | 18.52%
430+2 | 431+1 | 48.15%
------------+-----------+-------------
########### 3 shard-covers ###########
------------+-----------+-------------
distribution| equivalent| probability
------------+-----------+-------------
540+3 | 543+0 | 66.67%
531+3 | 543+0 | 66.67%
522+3 | 543+0 | 66.67%
441+3 | 444+0 | 100.00%
432+3 | 444+0 | 100.00%
333+3 | 444+0 | 100.00%
------------+-----------+-------------
530+3 | 533+0 | 44.44%
521+3 | 533+0 | 44.44%
440+3 | 443+0 | 77.78%
431+3 | 433+1 | 88.89%
422+3 | 433+1 | 88.89%
332+3 | 333+2 | 100.00%
------------+-----------+-------------
520+3 | 522+1 | 29.63%
511+3 | 522+1 | 29.63%
430+3 | 432+1 | 70.37%
421+3 | 422+2 | 74.07%
331+3 | 332+2 | 92.59%
------------+-----------+-------------
510+3 | 511+2 | 19.75%
420+3 | 421+2 | 58.02%
330+3 | 331+2 | 77.78%
------------+-----------+-------------
########### 4 shard-covers ###########
------------+-----------+-------------
distribution| equivalent| probability
------------+-----------+-------------
530+4 | 543+0 | 66.67%
521+4 | 543+0 | 66.67%
440+4 | 444+0 | 100.00%
431+4 | 444+0 | 100.00%
422+4 | 444+0 | 100.00%
332+4 | 444+0 | 100.00%
------------+-----------+-------------
520+4 | 533+0 | 44.44%
511+4 | 533+0 | 44.44%
430+4 | 433+1 | 88.89%
421+4 | 433+1 | 88.89%
331+4 | 333+2 | 100.00%
322+4 | 333+2 | 100.00%
------------+-----------+-------------
510+4 | 522+1 | 29.63%
420+4 | 422+2 | 74.07%
411+4 | 422+2 | 74.07%
330+4 | 332+2 | 92.59%
321+4 | 322+3 | 96.30%
------------+-----------+-------------
550+4 | 511+2 | 19.75%
410+4 | 411+3 | 59.26%
320+4 | 321+3 | 87.65%
------------+-----------+-------------