Ok so I just learned after years of playing morrowind that potions are somewhat useful on some rare occasions and apparently I am the only player out there who totally hates their guts. With that said, I am willing to give alchemy a shot... in fact I did! The results? EPIC FAIL! I couldn't make anything, like not even fail making things I just couldn't find combination that work.

Ok so now, anyone willing to make a short list of the best combination? Level and equipment is not a problem as I had trained all my skills with trainers and got the equipment.

Just go to http://morrowind.melian.cc/ and check out the vast amount of detailed info there.
It has everything, including an Ingredient finder based on effects, list of re-stocking vendors, potion calculators, and even the interactive http://morrowind.melian.cc/potionmachine/ (requires Java)

thank you

Ditto to Pluto's comment about recipes. Also keep in mind that success is governed by several factors:

• Your skill with Alchemy. If it's low, you're going to fail a lot because you're not very good at it.
  
• Your Intelligence, which governs your Alchemy skill. The higher it is, the more potent your resulting potions will be and the more often you will succeed
  
• Your Luck - even the best Alchemist can have a bad day

I don't know if it will help any, but I'm working my way back through the game with a new character and he's keeping a journal as he goes (http://www.tesguides.com/tes3/journal/journal_intro.htm). It's role-played and I've taken a few liberties with the way alchemy works in the game, but have footnoted those liberties. It should answer at least a few of your questions.

I shall read it later tonight, after I get soft shadows working in a playable manner

edit: It was a fun and insightful read, nice job