Couple of things:
1. The engine, especially the renderer would have to be rewritten for OpenGL and ARM as Morrowind has only been released for x86 and DirectX based systems. (and emulated x86 on the Xbox 360's IMB PPC architecture)
2. The controls and UI would have to be extensively reworked to work with touch inputs.
3. I believe that even just Morrowind without the expansions is too large for Apple's size limits for products on the appstore.
Taking all of this in account I would say that it will be a long wait.