It has been a long time but I'm guessing something is up with the location of the files.
I would keep the original URL and file structure, make sure you change the $baseurl variable to be relevant to yours.
Using /guildshields/etc will make it look for the guildshields folder at the root of your web folder, so if you are running localhost then it would be looking at http://localhost/guildshields/
I would change the $baseurl to /emblems and give that a go. Make sure you have the guildshields folder inside the emblems folder.
A tip is to view the source when it says the picture can't be displayed, it means that the header has been sent out as an image, but it contains some invalid code. This will be a useful HTML error and will tell you what is going on.