If you want to play for the story, play Morrowind first as it comes before Oblivion chronologically. If you're looking for a RP platform and don't care about the main quest (it's entirely optional in Oblivion) than forget about Morrowind. Oblivion looks better so you'll probably enjoy it more.
I really don't understand any of your comments. The stories of Morrowind and Oblivion have practically nothing to do with each other, so chronology is not really an argument. But Morrowind should be played before OB nonetheless as it is an older (and more difficult) game, which is noticeable in graphics and gameplay. Switching back from OB to MW is usually harder than the other way around.
RP wise, MW has many more options, as the game doesn't lead you through quests like OB does. And choices have more influence on how you experience the game.
And since when are better looking games more enjoyable?
Anyway, to the OP: just start with Morrowind (GOTY version), which is the cheapest of the two and see if you like the TES world. If you don't like the game, then there is a small financial loss. If you do like it, then chances are that you will get lost in the game for the coming year or so, and by the time you are "finished" with the game, Oblivion will be much cheaper than it is right now, so you can save some money there too. And you can then get lost in that game for some time too, maybe even until after TES V is released, so you won't have to wait for years and years until you get your long awaited sequel in the TES world. In that way, I am envious, since it has been too long for me already, and you still have all these first time experiences of discovering Vvardenfell and Cyrodiil coming up.
So hopefully you'll enjoy TES like I have and become a big fan of the series, so that in 4 years from now you can explain on these forums how people should definitely try MW, before OB and then TES V to fully appriaciate these amazing games....