I'd explain myself, but I came across a forum post from gamefaqs several years back about what seems to be the exact same issue.
(Apparently, I don't have permission to post links. I'll provide the url if it's requested, though, if that's okay.)
Basically, if I try to load my saves under most circumstances, I get a billion error messages, which aren't always the same, but the bulk of them are about quest journal entries. Sometimes the first one is something about skooma. I'm guessing that's to do with the fact that in some of the saves I'm carrying skooma, and thus probably irrelevant. But, you know.
I've only tried it with my last ten or so saves. If I run the game -- not the launcher, but the game itself -- as administrator, I can usually (but not always) bypass the error messages. The one time I actually just clicked through all thousand or so of them, it had the same apparent effect. The game seemed to play fine, and I even opened up the journal to see if something wasn't displaying. But when I tried to save, I got the error mentioned in the link.
The only cause I can think of (initially I thought it might be to do with my installation path going weird, because of the not-finding-files thing and the fact that I noticed my Morrowind folder missing from my gamesas folder. However, I'd actually moved it to my main drive myself, and I quickly remembered the reason upon moving the folder back, launching the game, and running headfirst into a snowflake error) is my save names. I have probably a couple hundred of them at this point, all named "a", because that's the easiest key to hit. Maybe making too many saves named the same thing causes issues? In any case, making a new save not named "a" doesn't make a difference; it still gets the error.
Oh, and I even tried autosaving, by resting. That worked -- I didn't get an error upon saving -- but when I tried to reload, I did. It was a different error from the other two, I think. Different dialogue box, even. I think it'd cropped up a couple times previously, but it's hard to remember what went where.
Thanks in advance for any help you guys can offer.