Okay, thanks Jac. I'm going to be possibly shuffling my load order a bit mid game and I wanted to be sure. This game so far has been crash free so hopefully it stays that way.
Follow up question. Is adding and removing esms considered changing the load order of esps as well? I have my companion mods at the top of my esp load order but I know esms load first. So if I remove an esm. are my companion mods in danger of experiencing the negative aspects of having bumped them?
May be. Better try some test saves as Jac suggested.
Anything loading before modx (being .esp or .esm) could cause problems to modx and below in savegame if removed (although this is more rare nowadays thanks to Morrowind Code Patch fix which may fix references, but not for scripts I think).
Mods using targeted global scripts can still lose scripts target if load order changes, and also mods referencing persistent statics/activators from scripts can lose them.
If testing shows that problems arise, a way to avoid problems could be instead of removing the .esm, replacing it with a dummy empty .esm (Mash provides several dummy .esp usable as placeholders in Mopy\Extras\ folder, just copy to .esm one of these and redate it) having the same timestamp so loading order is preserved.
[EDIT]loose->lose, trying to make more sense