While I am playing Morrowblivion, I look at a tree and it shows this about 60% of the time
On another note, when I am inside a building (every area you can enter in Morrowblivion), on occasion the walls, floring, and everything on an NPC except their hair, eyes, and mouth
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This also happens in Cyrodiil, not just Morrowind
I have the Steam Overlay, don't know how to disable it.
I have an ENB, disabling it changes nothing.
I have Overwolf, which adds an FPS Counter, and don't know how to remove that either.
You can disable the Steam Overlay by going into Settings > In-Game. Don't know about Overwolf.
That's not a Morroblivion problem. You probably installed some other mod(s) wrong. Either that or it's a hardware issue.
Have you got any game
Have you got any game overlays, such as Steam Overlay, ENB, an FPS counter or anything? Try disabling those. Otherwise, I'm not sure.