I'm not looking for advice -yet-. I'm in the process of working up a list of mods to use, and what I'm mainly going to be looking for are

1) Things I'm missing
2) Obvious conflicts
3) If a particular mod is a spectacularly poor choice
4) Anything else I may be forgetting.

I'm going to take this fairly slowly (for obvious reasons).

Current Setup:

Morrowind GOTY (Steam)
Morrowind Overhaul 3.0

List of Tools To Get:
Wyre Mash
TESTool 1.3
Yacoby's ReOrder Mods

Mods to Get:
(Coming soon)

Just putting this here because it has lots of helpful links for you, if you don't already have them
http://www.gamesas.com/topic/1305729-mod-recommendations-for-new-players/

Taking it slow is a good idea, yes. It's too easy to get overwhelmed with mods, and then your game is full of stuff you don't really want, and more likely to get conflicts/errors.
Mlox, which comes with the Overhaul package (and also a stand-alone program) is very useful in preventing conflicts.