I wonder why you don't get interrupted while waiting or sleeping in vanilla Oblivion, that was a feature even Morrowind had.
Even
Arena had it. One of the many places where Oblivion was obviously nerfed.
I run vanilla time scale, mainly because I'm a casual player and I'd like to some days and nights more often. I'm thinking about decreasing it to 20 though because it's still a little too fast.
Anyways, my experience with these "need" mods haven't been to great. I feel like I'm constantly having to eat and sleep and that gets more annoying than fun.
Really high timescales make needs mods more needy, yeah. You might want to check out Tekuromoto's Time Manager -- it lets you set different timescales depending on what your'e doing. When you're outside traveling between cities it defaults to the vanilla timescale, but time passes slower if you're indoors and drops to 1 in combat. It can also have specific timescales for different activities -- conversation, alchemy, book reading, stuff like that.
I'd like to see an "need" mod that requires you to eat, but rather than having slowly reducing attributes, have positive stats at first that slowly go away and then say like after 48 hours or maybe 72, start seeing those attribute decreases.
You might want to try TFE (link in my signature). Rather than stat penalties, it applies fatigue drain if you're too hungry or tired... slow at first, doesn't become a major penalty until you've ignored it for a while.