What do you think about making a set of armor similar to the main character's of the upcoming Ubisoft game, Assassin's Creed? Perhaps with enchantments similar to Dark Brotherhood armor.
NifText and NifTexture were to hex edit your code into Morrowind - to make your recolored textures adhere to the mesh models. Now there is NifSkope to do that same thing for Oblivion. All that deals with retextures of the present mesh models.
When someone makes their own mesh model to be input in the game, that is when an importer is needed. Generally only one brand of model will work - like 3ds max worked in Morrowind but not Gmax or Blender and only one importer tool will work to put it in. It is all done by contractual agreements between the companies involved.