Here are some mods that makes the game faster at low-end machines like mine.
NOTE: Some mods from the list are taken from Planet Elderscrolls, it requires you to register at file Planet in order to download.
Low Fat Morrowind(Audio and Textures)
Ultimate Morrowind Anti-Mod(Removes some useless static objects)
Sorry but I only know 3 mods that fastens the game.