Hey, this may help, or it may not...
Try to port some materials directly from the NIF files for Oblivion. Not the files from the Vanilla Oblivion, but try to port models and textures from oblivion mods. That way you can have a mod that looks like it without having to do 100% of the work for models and textures. Just make sure what you use is an OSP, a Modder's Resource, etc.
Good luck!
Edit 1:
http://www.tesnexus.com/downloads/file.php?id=34020
http://www.tesnexus.com/downloads/file.php?id=39953
Just two of them. I have converted tons of these models to other game formats before (as practice, because they are not vanilla resources... and they are free to use).
Find a mod with a weapon/sceneprop you want, read the "Legal" section, and then, if they say it is okay to use the models, convert them to MB.