Don't assume your graphics cards are all your FPS depends on. Your CPU is stressed out more than your GPU when it comes to Bethesda's games. If you want to improve FPS, look for mods that run overcomplicated scripts each frame and remove them - stuff like that.
Uhh, what? No. The chances of
scripts being the cause of performance loss is ridiculously negligible.
If your CPU is the bottleneck (relatively unlikely), then AI is far more likely to cause problems than scripts - before you worry about any script-heavy mods, make sure you've eliminated any sources of large crowds of NPCs - as these are far more likely to cause slowdown.
In Oblivion, far and away the greatest source of performance loss is graphics-heavy mods - mostly high-res texture packs, though very-high-poly models can also slow things down (usually very-high-poly models are unique and therefore unlikely to cause a big slowdown by themselves, but if you have a bunch of them at once it can certainly have an impact - though with the various texture mapping that Oblivion uses, there's very little need to use very-high-poly models in the first place). A distant second is large clumps of NPCs. Everything beyond that is negligible by comparison, most of the time.
Obviously, a buggy script can slow things down dramatically - but assuming you have a bit of quality control in your mod selection process (i.e. choosing mods that at least look like they've been given adequate effort and thought), you probably won't run into those - since even basic testing should reveal most bugs of that sort (and the impact would be quite significant, since we're talking about needless looping). But seriously, for the most part, to get scripts to slow down your game, you have to be
trying. I know, because I've run quite a few tests myself, and furthermore have read dozens of various tests by various modders (hrmn and haama probably did most of them) - scripts do not cause significant slowdown in almost all cases. There's something of a brick wall effect - where scripts cause almost no loss of performance until a certain point, after which performance is lost very, very quickly. However, like I said - you pretty much have to be trying to hit it.