There are some essentials as you already know. Unofficial oblivion patch, COBL, Wrye Bash ( its more like a program than a mod ). Now depends on how you like your game. I for example like my game realistic and hardcoe, well realistic is hardcoe.If you don't like the combat or magic or anything regarding gameplay or just something regarding yourself as the player. So I would recommend Enhanced Economy, a magic mod Supreme Magicka ( it is fully customizable as well as Enhanced Economy ), you'll find that the mods that are customizable are the best. Before you jump on it Wrye Bash has a lot of features that are simple to use, just look around for a bit you'll understand what I'm talking about. Duke Patricks Combat Archery is a very realistic and hardcoe fully customizable archery mod, he still hasn't released his melee combat mod there is a tread around here you can see the features there. Also you probably want a overhaul, probably the most compatible and if I may say so the best would be TIE, there are a few more that are similar to TIE and they are really good however I haven't tried them yet ( not talking about FCOM or MMM or OOO or Frans ). A leveling mod well your best bet would be Realistic Leveling because its fully customizable

. You may want Cava Obscura because as far as I know its very well done and it has a good filter, with that you might want some mod that will force "some" actors to carry torches. I believe that TIE already has some actors that own torches already. Try some of M.O.E. plugins ( Modular Oblivion Enhanced by thePOSTALdude ) they are really good. I would recommend Improved Hotkeys for a more less annoying game experience ( I smell that someone is gonna put Enhanced Hotkeys ) . If you want anything else just ask

EDIT: Supreme Magicka works well with Midas Magic
EDIT: To the post above Lost Spires is a excellent quest mod however the rewards are incredibly overpowered in my opinion