I've read the Mod Recommendations for New Players thread and the Morrowind Mods FAQ but still have a couple of questions.

Basically all I want to start off with when playing Morrowind (this is my first play through) is the better graphics mod and the latest code path to fix all the bugs in the base game and the set of Bethesda mods that were never officially released but were written by Bethesda.

So am I right in thinking that all I need to install for that would be MGSO 3.0? I'm pretty sure that includes everything that I want to start off with. Unless there is another mod that is absolutely essential (and from reading the thread for new players on what mods they should install none of the others really stood out as being essential to me).