I found that smart use of mark and recall really takes alot of the monotony out of not having fast travel. dosent stop having to create training spells an walking around casting all the bloody time just to be able to use it tho.
one mod I'd definitely recommend that doesn't directly affect gameplay is Morrowind Graphics extender
http://www.tesnexus.com/downloads/file.php?id=5535
Provides Directx 9.0 features. Looks much better and maxes out drawing distance.
What I used to do was use "A Good Place To Stay" (an awesome mod) and mark there. Then you could teleport to various places from inside the house and then recall back there!