I decided to relaunch Morrowind after release of Oblivion. I haven't found in Internet a good build for both - max HP and max Level, and so decided to make my own build (some variations are possible).

Race: Nord.
Gender: Male.
Specialization: Stealth.
Favorite Attribute: Strength, Endurance.
Major Skills:
1. Athletics.
2. Alteration.
3. Illusion.
4. Conjuration.
5. Restoration.
Minor Skills:
1. Block.
2. Armorer.
3. Spear.
4. Mysticism.
5. Unarmored.
Birthsign: The Lady.

This build will allow to achieve Level 78 and get max HP if you raise Endurance to max as soon as possible.

P.S.: I need to work on same build for Oblivion, because Oblivion is new game to me, but Leveling system is quite different in Oblivion (and I use OOO mod, so level scaling isn't a problem anymore unlike in vanilla Oblivion, where high level = bad).

Nord will only work if you make the character male. Orc and Redguard will work regardless of sex.

Edit: You can lower skills without lowering level by going to jail; this will allow you to reach arbitrarily high levels with enough patience. Also, training a drained skill is possible, and will count toward level advancement even if the skill is normally 100 (but the skill won't actually increase.)

Yeah, I forgot to add, that it will work only for male, I will edit original post. I try to play without such exploits. Jail looks almost as cheat to me. And if I will ever play a villain character, I will never surrender :)

One other thing to consider:

Your movement speed is affected by your character's weight (heavier is better), which is affected by your race and sex. Therefore, if you really want to max out everything, including movement speed, you will need to play a male Orc, as that particular combination is the heaviest.

I know this doesn't make sense, but that's the way it works in Morrowind (but note that Oblivion works completely different).

(I believe that speedrunners actually use the Redguard race for the Adrenaline Rush power, which boosts speed long enough to glitch speed up very high sooner.)

I don't like Orcs. But even if I liked, Nords have very powerful racial perks. Also starting HP in Morrowind depends also from Strength, and Orcs have lower Strength than Nords, so in the end you will have lower Max HP if you play as Orc.

What concerns Redguards... I don't mind cheating and exploiting bugs, but I also like to have at least one "clean" playthrough, where I accomplish everything by strictly following intended in-game rules.