40's and 50's Cape Cod style homes generally just had decorative shutters. Many with small dormers did not have shutters on those windows.

The original style was infinitely more practical. Any houses that were actually on Cape Cod would have had functional shutters on every window. They get some serious storms blowing up the coast and they needed the protection.

just seen this post, sooo how did it all work out, any updates?? any pictures?

Here is a link that might be useful: {{!gwi}}

Original capes didn't have dormers so there are few useful historic precedents regarding shutters on dormer windows.

"Doghouse" dormers were common on historic Tidewater South homes with a similar shape but the second floor extended over a front porch (unlike Capes) They usually had shutters that sometimes extended beyond the sides of the narrow dormers.