This time, I am planning on playing a female Orsmer. This character will focus on Restoration (because it is the spell type that most benefits from being castable manually, plus it lets me boost other skills), Enchantment (for casting other spells), and maybe a few other skills. Of note, I am planning on taking the Atronach sign, and I am planning on not giving myself huge amounts of Magicka with the exploits I mentioned (except for testing things or playing around).

Here are some rules I've come up with:

1. Immediately after a level up, I am allowed to use the console to raise stats up to the next multiple of 5. (For stats that gained a permanent increase through a quest, the stat can be raised to the next number congruent to the pre-level up value modulo 5, but never over 100.) HP may be adjusted for Endurance increases. This gives me perfect level up stats without having to micromanage my level up stats. Furthermore, if I am unable to raise 3 stats (should only happen at high levels), I am allowed to add more points to the stats I can raise. (I found myself dreading level ups, so I have decided to adopt this rule.)
2. No using drain exploits to raise fatigue/magicka above the maximum. Damaging stats to make Fortify Fatigue might be acceptable in moderation. Undecided about training; I think I might require my skill to be normal, but not the trainer's (so fortifying a trainer to train me in a different skill is acceptable),
3. No using the so-called "soul trap" glitch except to fix bugs. (Note that the use of the console is allowed for fixing bugs as well.)
4. Unless part of a quest, no doing illegal things like stealing.
5. Summoning creatures and soul trapping them or absorbing magicka from them is permitted. I haven't decided about looting them.

Personally, I really don't like using exploits and glitches. It ruins the immersion. So why did you decide not to use exploits, but still use the console to raise stats?

First, I only avoid some exploits, not others. I actually enjoy finding and playing around with glitches, but I want to have my Magicka total actually matter this time around (especially with the Atronach birth sign).

Second, I am planning on using the console to simulate perfect leveling, because I would prefer my stat growth to be decoupled from my skill growth. (I am still level 1, so this hasn't come up yet.)

Edit: One other thing to consider: A character's base stats can only be raises to 100 through normal gameplay, and I am still going to enforce that rule. When you factor other ways to raise your stats, 100 really isn't that high. (There is a relatively easy to get item that, with the help of a custom spell to resist its other effect (or not if you don't mind the loss of vision and want the accuracy increase it provides), will provide a constant 200 point speed bonus.)

Seems like an interesting enough approach! And I know what item you're talking about ;) I bind it to a quick key for on-the-fly switching, and personally don't mind the blinding. It'd be to easy a boost without any repercussions, you know?

Also, I use this mod that balances the effects a little. (They're disabled during battle and when sneaking.)

I am not using any mods (unless you count my leveling house rules as a mod, but that is done solely via console commands). Having the effect disabled during battle wouldn't really do much because I tend not to move while fighting (and would be annoying because I sometimes cast spells while moving to save time), and having it disabled while sneaking would not have any effect (I haven't ever used sneaking in this game).

Also, it is worth noting that (assuming no mod that changes it), the blindness has one positive effect: it *increases* your accuracy. I had a fight while my character was 75% blind in which she hit every single attack. By resisting it with a spell, I also resist the beneficial effect. (Of course, I can also get a similar benefit by casting Fortify Skill, but that can be expensive if I leave it in effect.)

My character is level 5 and close to reaching level 6. So far, I have been increasing Strength, Intelligence, and Endurance at level up. Next, after those are maxed out, are Willpower, Speed and Luck. I favor magic so Agility isn't as important, and Personality can be replaced with large Speechcraft bonuses. Fortify Skill is my favorite spell effect, and it's too bad you need an expansion to get it.