Lets Communicate!
If you are going to work on something, say exactly what you intend to do!
For anybody wishing to help, I have identified some things that need attention:
NPC AI - Discussion Thread
The scale of Morrowind is vastly large compared to Oblivion, way too large for one person to accomplish. So coordination needs to be continuous, When creating AI Packages for any of Morrowind's NPC. Visit the discussion thread linked above for more details.
Bloodmoon Creatures - Discussion Thread
Bloodmoon creatures need to be re-rigged or have working Havok collision added to skeletons.
Collision for static objects - Discussion
This is needed to increase performance.
Clutter - Discussion
Replacing the various clutter models.

Graphics isn't the only thing
Graphics isn't the only thing that matters, and in nearly all other aspects Skyrim is inferior compared to previous games.
I'm sticking with Morroblivion. :p