| Doompatrol |
Whoa, no.
When a favored class bonus shows a fraction it's how many levels you need to get the listed bonus, in this case a third of 1 which is +1 every 3 levels.
+1 AC every 3 levels is fantastic.
The wildshape bonus is also available to elves and half-elves and if you are picking half orc for the luck bonus there is a slotless magic item the lucky horseshoe that can give you the same bonus.