Unfortunately I′m almost a total noob when it comes to this. Bash and all that just flies over my head...
OK, here's the "total noob" answer.
Removing the esp from the list doesn't affect the textures, so it's not really "removed" if that's all you did. If the mod had a decent readme, it would provide a list of files to delete from your Data folder to really remove it. OBMM does that part automatically (by remembering what files it copied in), and BAIN goes a step further and
re-installs any version of the same file that's part of a mod you're still using, but both are doing things you can also do manually, as long as you have the list of files involved. The original copy of the texture or mesh can't be removed, just overridden, so after you've deleted any overriding ones from the Data folder, the one in the bsa file gets used. Re-installing Oblivion is only needed if the bsa files are damaged/deleted.
So the big question is - does the mod have a readme with a list of its files?