The good news is that is that the FAA is very liberal about this sort of thing, they are really more concerned with issues which may cause sudden incapacitation...they realize that if your shoulder starts to hurt on an ILS to mins that you can ignore the pain and keep flying. You shouldn't have a problem getting a first class as long as your strength and ranege of motion are decent (don't need 100%).
In the past, many airlines (especially majors) have done aggressive physicals and held pilots applicants to higher-than-FAA standards. This has diminished somewhat, and an old injury is less of a concern than say risk factors for heart disease (cholesteral, high BP, obese, etc).
You should have no trouble getting a regional job, and while you might get rejected by a small minority of majors, there are plenty of others that I'm sure would be OK with it.