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Greetings,
Here's information on your name "Wallace Owain" and the questions you asked about arms.
The Academy's Welsh name expert is Tangwsytl verch Morgant Glasvryn, who told us that she had already been in contact with you. As far as we know, everything she told you is correct.
Regarding you arms questions: The Welsh did use arms, and we have numerous examples of Welsh arms from the early 1400's. As far as we can tell, Welsh arms generally followed English stylistic patterns.
Arms are not the same as a "family crest." The coat of arms refers to the design on the shield itself. The "crest" is displayed above the shield, usually on a helmet of some kind. It's possible to have arms and not have a crest at all. A picture in which the arms, crest, and other elemets (such as supporters or a motto) are displayed together is called an "achievement."
The terms "family arms" and "family crest" are somewhat misleading. In many countries (including Britain), arms and crests a the property of an individual, not a family. They are passed on through inheritance like other property, but can only be inherited by a single person. Although whole families used arms in some countries, British arms have always been used by individuals.
In the SCA, only arms are registered. Some kingdoms regulate other elements of an achievement, but the East is not one of them. A Welsh gentleman from the 1400's would most likely have had arms and a crest, but not supporters or other additions to his achievement.
Tangwystl verch Morgant Glasvryn, Lindorm Eriksson, and Arval D'Espas Nord all contributed to this letter.
We hope this has been helpful. If we can be of further assistance, please let us know.
In service,
Alan Fairfax
Academy of S. Gabriel