Navagon: Are you going to try some of the aesthetic mods? Ones like better heads / bodies don't alter the way the game plays, but make a huge difference in how it looks.
tinyE: I wasn't thinking of it but since you mention it what do you have?
Jesus, this sounds like a drug deal :P
If I were to have another play through now I'd probably go for Morrowind Overhaul 3.0 that throws all the graphics and sound mods into one relatively tidy package. That said, some people have problems with this one, so it might be best to avoid it until your second play through.
Better Heads and Better Bodies are a must. But then maybe there are better alternatives to those available now?
Morrowind modding is pretty much a mini game unto itself. :P