Actually it is fairly simple to combine the oculus orientation with mouse, if the oculus is the cameras local rotation and the normal controls do as they do now (cut out the pan up and down as this can get a little funky). But you can give options like TF2 did before the last patch broke oculus support.
The vanilla sky-box wont work real well and effects that move the player make you want to throw up almost instantly, and menus may need to be "pushed back" and squashed into the center a bit. Also games that assume no yaw sometimes have problems with dynamic shadows but to my knowledge ogre is fine with this, not even sure morrowind had dynamic shadows, or may be a max of 4 or something, memory is bad.
Got mine yesterday and been messing with it, came in here as I had the same idea about implementing it and wondered if anyone was yet, 2eyeguy has done a oculus mod for doom 3 by going to the open source code and implementing it there rather than doing these driver hacks you see with skyrim and I think morrowind would be perfect as well. Will have to wade through the sauce as it is and I am one hell of a messy coder but I would like to give it a shot, however if anyone is halfway decent at coding I think everyone would be much happier if they did it

I can see Zini's face now when/if he gets my pull request. "Tha fuck is this chicken vomit?!"
The guys should ignore oculus support for openmw until after they hit the important 1.0 at any rate, it is not mission critical and it is not even really publicly accessible yet. But that does not mean we cannot grab the code and mess with it ourselves.
But there is no reason it cannot be implemented really well. The 1st_Person_Hands.nif may need to be reworked but its very doable.
Regards, Wook.