You can use Facegen to Oblivion converter(search for that...), but the result usually depends on what head mesh your character uses. Stock human head mesh and Head06 base mesh give the best result, while some popular custom head meshes, like idkrrr's meshes can give pretty bad result.
I found out that facegen2Oblivion converter works best with the stock human heads (Imperial, breton, nord, redguard) and 2 of the elf races (dunmer and bosmer), but for some reason gets distorted when converting the facegen file to High Elves and Orcs, and really disasterous when converting over to Khajiits and Argonians!!! So just stick with Humans and Elves and you should do fine (with only some last minute tweaks at most) when using FG2OB converter!