In Skyrim they completely changed the alchemy process, and took away all spell making, I am wondering how you will solve this "Problem" of sorts, or if you have already made a plan, or already fixed it, I have not seen any discussion on the topic yet, so I would like to bring it up...
Mainly my questions are if you will yourselves be bringing in the whole alchemy/spell creation system from Morrowind, without the "alchemy table" ect. ect.
I really don't know if it is much of a task at all, but I would prefer to stick with the ways it was done in Morrowind, for we are recreating that game...
And err, the only problem I can see with this idea is traveling back to Skyrim, will we be able to have both of the alchemy systems? I don't know, talk it out, for I am a little concerned.

I find it unlikely we'll go
I find it unlikely we'll go back to the days of carrying around the alchemy equipment. It weighed too much for its use and the different levels of equipment made it even more of a hassle. Skyrim's welded-to-the-table solution makes a lot of sense. I wouldn't mind seeing the option of bringing around the individual pieces, but I don't think it's going to be anyone's priority.
As for spell creation, one mod for it isn't finished and isn't yet released. http://forums.bethsoft.com/topic/1422677-skyrim-spellmaking-mod-the-last-altar-wip/page__p__21783668#entry21783668
Here's one that at least has releases: http://steamcommunity.com/sharedfiles/filedetails/?id=101130486
Edit: Here's one that looks more complete: http://skyrim.nexusmods.com/mods/33598
Not sure how well we could integrate any of these mods, but I'm sure we can get a spellcrafting system up in Skywind eventually.