You could make the argument that putting together this page of information is a waste of time, but then you could make that argument about playing Oblivion, or making mods for it. Personally, if people get on board with this, I think it will be a time saver in the long run once it is set up.
I agree wholeheartedly. And, I'm not sure that it's particularly helpful to compare this concept to past "recommended mod list" pages, primarily because most of those lists either were authored by a single person, or simply linked to (collections of) other lists by single authors. The primary distinction here, in my mind, is that this concept would allow the community as a whole to maintain and constantly update the list - which means, as long as an Oblivion community exists with enough passion to work on the list, it will stay alive.
I agree that the list should, at the beginning, focus on getting started in adding mods to Oblivion, but that doesn't mean it has to stay limited to a beginners' focus in the long run. I think a separate section could be set up for more advanced modding - FCOM, Dynamic Leveled Lists, etc. - that at a minimum would keep the community apprised of the current development status of said mods, who's currently working on the mod, what work is being done, where the current version is posted, where to submit errors, etc. This could be a "recommended advanced mods index" of sorts, in other words. Personally, I'd rather go to a site like that to quickly learn where MMM etc. is headed and how to get the latest copy, rather than to look through TESNexus, TESAlliance, Planet Elder Scrolls, and the gamesas Forums like I usually do.