The real trick is to go beyond clunky and obvious die-roll mechanics to something better without making character skills "irrelevant". MW was a case of the former problem, OB was a case of the latter one. Neither was "right", unless you either had no interest in combat in the former game, or had no interest in "playing the character" in the latter. When your totally unskilled character can fight any opponent on even terms, right from the start, that's not RP, that's a FPS game.
The only way I can see to make a workable hybrid would be to have weapon skills and related attributes affect the speed, aim, and recovery time of your moves. The game would play out like OB's combat in a way, but a more skilled character would just be faster, smoother, and more accurate than a novice, and a lot easier to control. Having your L1 "fresh meat" character fight just as fluidly as a L30 swordmaster, only doing a lot less damage, make no sense, and felt just as wrong to me as MW's "whiff" attacks without a decent animation to show what happened. There wouldn't be a need for a "hit or miss" die roll, because with the lower speed and accuracy, you'd ACTUALLY miss a moving, dodging opponent on plenty of occasions.
There really shouldn't be a huge difference in damage due to skill, like there was in OB, although "critical" results could increase as you gained better control of EXACTLY where you hit. After all, if you hit somebody over the head with a sledgehammer in reality, it really doesn't make much difference how "skilled" you are with that hammer; they're dead either way. The more skilled attacker will just have a better chance of doing so if the opponent is trying to prevent that.
Unfortunately, the attacks in OB were just a matter of punching a button and waiting for the animation to play. I always felt as if control was being taken away from me. As bad as they were, the attacks in Morrowind never gave me that "disconnected" feeling that I got in OB, as if I was somehow locked into "automatic" mode while the attack occurred. MW's attacks were direct, immediate upon button release, and variable in speed versus power by how long you held the button down. OB's attacks were either "standard" or "power", with nothing in between, and a long time to wait for the latter while you stood there.
Don't think for a moment that I want MW's system back "as is", but there were aspects to it that were lost when OB was made, and I really would like those back (minus the rest of the clunky baggage that came with them).