Is Vantage good for Performance Shigure?

Not entirely sure, but I don't think so. Shigure is a singer/dancer unit, so they really shouldn't be in the way of enemies unless it's to tank when you know they can survive, like Olivia with Ruby Sword put in the way to tank a hit from, for example, Bartre. She has high speed, so she won't be getting doubled, and the enemy will get 20% damage reduction thanks to Ruby Sword.

It could be okay if he has a raven tome and triangle adept. If not, I'd opt for a breaker skill if you don't have a ton of fodder. Otherwise vantage isn't bad, but shigure doesn't want to be soaking too many hits anyway.

Edit: his normal b skill is great, too.

Any breaker is better than vantage...

Too many conditions have to be met for vantage to be worth using (since he is frail and hits like a wet noodle), even over his default b skill.

Kinda the same boat for renewal.

Imo...
WoM/escape route>geyser dance>/= breaker>renewal>vantage

No.

With a Blade Tome, he might have some chance to one shot enemies attacking him, but there's a major problem.

He needs to fall below 75%hp in order to trigger vantage. With his terrible speed and defenses, just about any serious offensive threat that attacks Shigure is going to kill him.

Go for Wings of Mercy or Swordbreaker instead.

Geyser Dance or Wings of Mercy is so much better for him as a dancer. Geyser Dance is almost half of PA Azura's Urdr.