I just downloaded and tested your fixed exe and noticed that the first time I run the game there appears a message box that says I have to insert the CD/DVD in order to play. So I decided to make a *proper* NoDVD crack on my own.
Changes:
0000D5F7: E8 > E9
0000D5F8: 54 > 67
0000D5F9: 67 > 01
0000D5FA: FF > 00
0000D5FB: FF > 00
This little generic jump instruction bypasses the whole DVD check procedure and continues to run the game as if the disc was present.
Instructions:
Just install the game, update with official patch to v1.2.0214, make a backup of your oblivion.exe and replace it with my fixed one.
Download:
http://www.sendspace.com/file/mcqkov