Abbey, whose howler gave Stockport a 1-0 win at Edgeley Park seven days before, responded with a confident all-round display and he also saved a first-half penalty.
Abbey dived to his left to tip away Ben Davies' spot-kick, after Gulls skipper Lee Thorpe had handled.
It was a tale of two goalies, for Shrewsbury's man of the match was debutant Scott Shearer, on loan from Bristol Rovers.
Shearer kept Town on terms with a series of fine saves, highlighted by his tip-over of Martin Phillips' 51st minute drive from the edge of the area.
Unlucky for Torquay was midfielder Adam Murray - he sent a dipping volley just over from 20 yards in the first half with Shearer beaten, and he also hit the bar with a right-foot screamer in the 64th minute.
Jamie Ward, Leo Fortune-West, Thorpe and Murray again all went close for Torquay in a second half they dominated, apart from the last ten minutes.
Then the jitters set in, Thorpe and Lee Andrews both went for the same header, the ball dropped for Davies in the clear and only the boot of Steve Woods deflected his shot over the bar with Abbey struggling to cover.
Torquay had new loan signing Kyle Critchell making his debut in midfield, and an early clash of heads with Stewart Drummond left him with a bandage round a head wound.
But for all their spirited display, Torquay are still in the middle of a major goal drought.
The Gulls haven't hit the back of the net since Ward scored his sixth goal of the season at MK Dons on September 26 - 585 minutes ago.
And they travel to leaders Walsall, who haven't conceded a goal at the Bescot Stadium, next Saturday.