I think I might try it the next time I DL Morrowind. It seems to fix a lot of bugs in the game, and also adds some UI features. Mods that don't really on script extenders should work, but I was going to do the MQ in vanilla anyway, so that's a moot point for me anyway.
I didn't feel like re-installing everything for SSE and Fallout this weekend, so I ended up playing Morrowind for a little bit on Saturday. Created a Redguard, found a dead tax collector in the swamp, and headed up to Balmora.