IT band syndrome (aka, ITBS) is a common problem in marathon training. I'm not a medical professional but I had it pretty bad several years ago so I'll offer some suggestions. The docs at Clearwater helped me get through it and they are a great resource for treating ITBS. Lots of things can be done to avoid it, and other things can be done to treat it once it happens.
As for shoe choices, I'm not sure what to tell you there but people experienced at fitting runners in shoes can be of some help. For me the important thing was using an insole that I bought at Portland Running.
For me an important factor causing my ITBS was a leg-length difference -- once that was spotted Dr. Bryan gave me a 6mm lift that was very beneficial.
Stretching is a good way to head off ITBS before it flares up. Most stretches are easier to describe in pictures than words so best if you can find some on the web with photos. I did a quick google search and found a few ITB stretches at
http://www.runningtimes.com/rt/articles/?id=6099 Another aid is to use a foam roller to stretch the tensor fascia lata (or TFL), the long, skinny tissue that connects from the ITB to the hip. Some stores sell a small device called "the Stick" which can be used for this as well. The idea is to stretch out the TFL somewhat so it doesn't rub over the bones on the outside of the knee where you feel that pain.
As for the knee brace, my personal preference is to avoid stuff like that but I have worn one for related conditions when advised by my physician. I don't think I would just try that on my own, though.