Having played Oblivion for a good 700 hours or more, I am started to get a little bit bored; mainly because the combat is quite slow paced and enemies take forever to die now. I want to shift the difficulty slider lower so that I can kill enemies quicker, and keep the pace up; however, I don't want to become a god and not die at all. I want to drain my own health to a relatively low value, so that there is some consequence for playing on a lower difficulty. Is it possible to enchant rings et cetera with Drain health spells, and then use the duplicated ring glitch to permanently drain my health? I am on the 360, so console commands are well and truly out of the picture

I do not think you can put negative enchantments on objects. And seeing as your on a console I don't really know what alternative you have,
sorry

I can remember reading somewhere that you can put fire, frost and shock spells on a mages hood to use as a tool to assassinate people, from that logic i figured it could be done with any spell :/