You can run OOO and MMM together perfectly. It's what I tend to do in most of my games nowadays. FCOM combines OOO, MMM, Francesco and Warcry. The backbone of FCOM is the OOO and MMM setup you already have. Using FCOM will add more gear and more enemies to your game (especially at higher levels) but it won't significantly change gameplay from what you're already experiencing with the mods you're using now.
Well, that - along with being extra careful which MMM options you install (because of redundancy/conflicts) - and, most likely, correctly renaming the MMM BSA file.
See the current MMM thread's OP for further details.