I'd be interested, that would be a lot of fun. Although, I think I'd enjoy it even more in Elder Scrolls IV: Oblivion, when it comes out.
In fact, I think I may just go through the TESCS original package and change every, say... 20th item to a random cursed item from Diablo. It would be different since, if it is like Morrowind, the magical item drops aren't random. But I still think it would be fun.
Especially with the new, involved combat system, a fighter/mage with crappy gear could be really entertaining :D