Hey it is your thread and if you want to ask that I guess I've no issue because it does relate to Wrye Flash as well.
Once you install Wrye Bash look in the data folder and the mods tab of Bash/Flash look for Bashed Patch, 0.esp. If not there then copy an extra one from the Mopy/extras folder into the data folder.
In bash mods tab again right click on the bashed patch and scroll down to where it says rebuild patch. Most things in Wrye Bash/Flash/Mash can be accessed via context menus (right click) you will get different options when you right click on a file (esp or whatever) than if you right click off of a tab).
Once you do this then you get a splash screen menu with many options on it. Might be overwhelming at first. The first thing it may ask you is if you want to deactivate mods it sees as able to be merged into bash - for now click yes (there are a few in F3 that should not deactivated even though bash says they can).
Explore the options. Merge options means that any mod listed there can be fully merged into bash and then left deactivated thereby reducing the total number of mods active.
The next important one is leveled lists. This is really the prime purpose of bash. Ask if you would like to learn more.
Importing records. Can be done through tags - these tags are most often applied to esp via running BOSS - so get that going. Once a plugin is tagged with the appropriate tags then when you rebuild the bashed patch the option to import records is available. So if a mod has a tag for factions then there will be a check mark under the factions options, if tagged for stats (weapon damage, etc) then again an option is available under the import stats area. Basically check the boxes next to them then when satisfied click build patch (can take up 10 minutes with large load orders).
Start small importing little then as time goes and with each bashing add a bit more. Take your time to get the feel for it.
I wrote some more http://www.gamesas.com/index.php?/topic/1117083-merged-patch-or-bashed-patch-or-both/page__view__findpost__p__16416804 - if you want to review. And ask questions - very active Wrye bash thread on the Oblivion forums. My expertise is really in the use of http://www.gamesas.com/index.php?/topic/1084204-bain-mod-installation-projects/, but I've learned a few things - If I can help I will.