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Ok so I'm trying to kit out my lord with the usual CsM lightning claw power fist on a bike. The shriekwave is a chaos artefact strict Emperor Children one use only for a d6 Str. 8 ap. 2. Since it is counted as a one use artefact, is it still going to limit me to take either the power fist or the lightning claw? I'm a bit rusty on 7th this coming week will be my 3/4 the game in several years.

You can take the Shriekwave in addition.

Relic lists state in the paragraph above the relics which restrictions apply. Traitior Legions page 122 and 123 only show the limitation that you may have only one of each in the army and only one per model. it does not mention trading in a weapon besides the points, so you don't need to do that.