I have the game on the Lowest quality, but I'm wondering if there is any way to pretty much get rid of textures on Oblivion? to the point where everything is just shapes and colors, or like Loz : Wind waker graphics.

Perhaps it's possible through Console commands (tried a few, best thing I got was the Lite Brite command), or just a Mod.

If anyone can help, it will be well appreciated.

"Lowest" is literally the lowest quality you can get without using mods. I had to Google Loz : Wind waker to find out what you're referring to. No, I have never heard of a texture pack that turned Oblivion into anything like that. Nearly all texture packs try their best to make Oblivion look more photorealistic in some way. The closest thing I know of off-hand are one or two mods that added items from Minecraft, but I don't think that's what you're looking for. Maybe somebody else can think of another idea. Anyway, good luck.

Console TWF will render wireframes, but what you want is a blank or colored texture and really I think you must be alone in that. If you are on an old computer you could try the Oldblivion website for tips on running the game.

If you were a skilled graphics person you could batch process every dds to gray and repack the bsa, I suppose.

the game is running fine on normal settings, I'm not putting it on the lowest settings just to play it
but no i'm not a skilled graphics person ._.