I would seriously discourage this, for these mods are updated on a regular basis. "Getting these to work" might mean future patches won't work, etc.
I have to ask: what kind of mods are your running that you no longer have room in your Oblivion install? Are you using the merging and ghosting feature of Wrye Bash?
Because, word, I'm running 300+ mods and I STILL HAVE 40 slots left (actually a few more, I have 205/253). Granted, some of them are texture replacers, etc., but most of them have .esps. And seriously, I can go to 400 mods and not touch the UL .eps. How?
By mergining the stuff that's mergable and taking full advantage of Wyre Bashes features. If you don't use WB, I'd suggest learning to use that first, as it would be ininitely easier than merging all these mods. And why wouldn't you use WB - it's a fantastic tool that allows you do many things, like install a bunch more mods than the limit ....
I'm also guessing - sorry if I'm guessing wrong - that you have several weapon and armor mods installed. You know what I mean, go to a shop, buy a new armor, go to a dungeon, find a new sword. You can merge these a lot easier than you can merge the UL mods. Currently, I'm planning a merge of over fifty weapon and armor mods. You can merge that long list of sword and armor mods into one .esp that will clean up your load order.
Just a thought.
~ Dani ~
Edit: I can give you some help if you want to learn to use TES4Gecko. But I won't do the UL mods because, well, that's just crazy. If you armor mods you want to merge, or something more reasonable, let me know. Also, if you don't have WB, get it and learn it. I can try to answer your questions and, if I can't, people here are nice.
~ D ~