After spending a week or so trying to squeeze frames out of oblivion this is what i figure out. Doing this gave me a pretty big performance boost.
This guide was written with the assumption that you have at least a quad core processor and a descent video card.
-Get these and use them
Process Lasso (Link):
after oblivion is running alt+tab out and go into process lasso, find oblivion, right click and set these.
1:classify as a game
2:CPU affinity>always>avoid non-physical cores>un-check all the selected cores that it chose besides 2 of them.
4gb patcher for oblivion (patch: oblivion.exe, oblivionlauncher and obse_loader.exe)
Under resolution set "seconds to wait the game to load" to >9
if the game crashes once the countdown is over you can try alt-tabbing to desktop before the countdown is over. the game will popup once it's ready.
-now for mods and things
ENBoost for oblivion (Make sure to use this to figure out how much ram you can allocate in the enb.ini)
Oblivion Stutter Remover (http://www.nexusmods.com/oblivion/mods/23208/?)
1:set bManageFPS to 0
2:make sure replaceheap is set to 1
3:scroll down to "Heap" and set "IHeapAlgorithm" to 6
4:And i'de suggest setting "iHeapSize" to 1024
go there and read through the "advanced tweaks" sections
The things you're going to want to look for are background loading, the uInterior cell buffer and Exterior, Threaded sections, iThreads, iOpenMP and whatever else you can find.
That's all i've been able to find thus far. hope it helps!