You could give http://www.thenexusforums.com/index.php?/topic/253026-head-bobbing/page__view__findpost__p__2279295 method a try. Haven't tried it personally, though.
Tried it yesterday. It has some potential, but i think that's an old method (you know, emulate constant explosions with 0 damage, but armor icon sill shows up), and with NVSE it can be much better. I hope that there is no engine limitations for doing this.