I want to remove the Oblivion HUD - either that or make it very transparent. How can I do this without breaking any menus etc.?

"TM" is no good as it completely removes all menus.
I tried shunting the HUD off the bottom of the screen changing the "iSafeZone" .ini values. The problem with this is that it prevents me from being able to switch between Spells, Inventory etc. and I can no longer exit NPC conversations as the X button is off the screen.

I Tried this mod: http://oblivion.nexusmods.com/mods/4101 but I can't seem to get it to work. Maybe there is a conflict with my existing mods (only OBSE and stutter remover) - I'm not sure if that mod would have done exactly what I want anyway.

Does anyone have any suggestions? .ini tweaks of mods? There must be no HUD elements on the screen, or if there are, then they must be extremely transparent.

Thanks.