Some yes, some sorta, some no. Being a bit of a pessimist, I'll start with the "no". A few are fundamentally incompatible with the way Oblivion works (Sound, Sanctuary, Fortify Attack), so those are not happening without radically changing basic gameplay (not saying it can't be done, but stock Oblivion presumes no random factor in whether attacks and spells succeed or fail, other than Reflect Spell/Spell Absorption; I'm fairly certain Morroblivion isn't going to change anything that fundamental). Similarly, there's no converting Night Eye without significantly altering Oblivion (it's a variable effect in Morrowind). A lot of the effects that don't appear in Oblivion (Swift Swim, Levitate, certain summons, Jump, Poison Damage; not an exhaustive list) have equivalent (or near equivalent) spells that have been created for various mod projects (particulary Supreme Magicka and LAME feature a lot of them). Consequently, many of those could be converted to Morroblivion, but the easy path requires getting permission from mod authors to reuse their work. Some effects, like Blind, have no equivalent in stock Oblivion or in any Oblivion mod I've seen, so that one at least would probably need to be built from scratch (preferably including making it actually work usefully on NPCs). Also, truly adding a spell effect (that can be used in spellmaking or enchanting) is a tricky business (tricky with OBSE, and potentially a compatibility headache; without using OBSE it's impossible, as the number of effects is hard coded. Most mods that add "new effects" actually do it by combining several old ones, such as different levels of a summon, to free up the slots).
Some yes, some sorta, some
Some yes, some sorta, some no. Being a bit of a pessimist, I'll start with the "no". A few are fundamentally incompatible with the way Oblivion works (Sound, Sanctuary, Fortify Attack), so those are not happening without radically changing basic gameplay (not saying it can't be done, but stock Oblivion presumes no random factor in whether attacks and spells succeed or fail, other than Reflect Spell/Spell Absorption; I'm fairly certain Morroblivion isn't going to change anything that fundamental). Similarly, there's no converting Night Eye without significantly altering Oblivion (it's a variable effect in Morrowind). A lot of the effects that don't appear in Oblivion (Swift Swim, Levitate, certain summons, Jump, Poison Damage; not an exhaustive list) have equivalent (or near equivalent) spells that have been created for various mod projects (particulary Supreme Magicka and LAME feature a lot of them). Consequently, many of those could be converted to Morroblivion, but the easy path requires getting permission from mod authors to reuse their work. Some effects, like Blind, have no equivalent in stock Oblivion or in any Oblivion mod I've seen, so that one at least would probably need to be built from scratch (preferably including making it actually work usefully on NPCs). Also, truly adding a spell effect (that can be used in spellmaking or enchanting) is a tricky business (tricky with OBSE, and potentially a compatibility headache; without using OBSE it's impossible, as the number of effects is hard coded. Most mods that add "new effects" actually do it by combining several old ones, such as different levels of a summon, to free up the slots).