I don't know about OOO, I haven't had it installed in a while.
Portable Campsite is the most popular camping mod. I've also heard good things about Camping and Adventurers Equipment, but I haven't played either.
Stick with Wrye Bash. It might look daunting, but It's actually not so complicated to use, and gives you much better control over your install than OBMM. Plus if you used Wrye Mash before, Bash won't be completely unfamiliar.
I can't attest to FCOM's instability or stability, but I know it requires more memory than vanilla, and since Oblivion will inevitably crash when memory usage reaches 1.75GB, you
will get to that crash quicker when using FCOM, or any resource-intensive mod. The 4GB LAA exe patcher can help with that. Read up on it http://www.gamesas.com/index.php?/topic/1078392-oblivion-and-memory-usage/ and http://www.gamesas.com/?showtopic=1071593. Even without FCOM, you might want to use that patcher if you can.
I hope you want suggestions.
Spoiler For performance:
-Streamline
-Oblivion Stutter Remover
-Low TriPoly Grass
-Optimised Distant Land MAX
and Pyffi your BSAs.
If your computer svcks like mine, add
-Quiet Feet MAX
-De-parallaxer
-Wisemans Reduced Textures (Bomret's Detailed Normal Maps makes them look decent at no FPS cost)
to that.
Another trick is to disable distant land in the Video Options. Personally I like the fog effect and I don't miss the awful LOD.
For gameplay:
-DarNified UI
-Qz Easy menus
-TIE
-Phitt's Phighting Phixes
-Attribute-based and skill-based damage modifiers
-AV Uncapper (with JCN's settings)
-MOBS - Medieval Oblivion Balance System
-COBL
-Realistic Fatigue
-Realistic Leveling
-Map Marker Overhaul
-Enhanced Economy
-Persuasion Overhaul
-Put It In Its Place - Enhanced Grabbing
-Supreme Magicka
-Lock Bash Omega
-SM Combat Hide
-Cava Obscura
-Adventurer Torches
-Alternative Beginnings
-Command Mount
-Harvest Flora
-http://morrowind4kids.com/pseronwyrd/PWRunSpeed.zip (slows down animations for a less yakety sax-worthy effect)
For atmosphere:
-Weather - All Natural
-Enhanced Water
-Enhanced Vegetation
-Animated Window Lighting System and Chimneys
-Unique Landscapes
-Bananasplit's Better Cities
-New Roads and Bridges Revised
-Let the People Drink
-MTC Thieves Grotto
-MTC Bravil Real Roan Stables and Stable Interiors
-Mudwater
-Arthmoor's Villages
-Ambient Town Sounds
-More Immersive Sounds
-Natural Habitat (from Natural Environments)
-Autumn Trees
-Falling Stars
-Personality Idles NPCs and Companions
-AFK Prayer Idles
-Idle Dialogue
-Initial Glow
-Visual Enchantments
-Tycho's Shield On Back
-Optimized Facegen Files
-Improved Facial Textures
-Roberts' Body Replacers
^those 3 installed in that order.^
-Screen Effects or Oblivion Graphics Extender (if your rig can handle it)
for eyecandy.
And that's me going for a minimalistic approach.