I saw a couple of mods that were sort of doing what I wanted, but none really did it right so I said screw it, and tried it myself. I've never modded or hacked or done anything technical with a game before, but I did read some tutorials and played around with it and finally figured it out, so here it is:
This mod puts the original Morrowind loading screens back into the game. While it's not perfect, it's pretty darn close (at least for me). All I THINK you should have to do is copy the everything into your Data folder and it should work fine. You can't use this with any other loading screen mods right now, though, so keep that in mind.
http://i72.photobucket.com/albums/i196/cinjaxon/4-2.jpg
http://i72.photobucket.com/albums/i196/cinjaxon/1-1.jpg
http://i72.photobucket.com/albums/i196/cinjaxon/2-1.jpg
http://i72.photobucket.com/albums/i196/cinjaxon/3-1.jpg
Installation
Unpack contents into Oblivion\Data
Choose "Morrowind_ob - MorrowindLoadingScreens.esp" in Data Files with the Oblivion Launcher.
Enjoy.
Uninstall
Delete "Morrowind_ob - MorrowindLoadingScreens.esp" in Oblivion\Data
Delete the folder "morrowindload" in Oblivion\Data\Textures\Menus\Loading
| Attachment | Size |
|---|---|
| 2.42 MB |

That's pretty cool man, good job :)
Any chance of ever getting a 4x3 ratio loadscreen option?
I fixed it for myself by editing "loading_menu.xml" but is there any way to include this change in an alternate esp? For anyone interested in duplicating, I changed the following lines under <image name="load_main">:
<width> <copy src="screen()" trait="height"/> <mul> <copy> 4 </copy> <div> 3 </div> </mul> </width> (They were previously 16 & 9)