Although this was not an issue prior to closing MO during game, I have moved my steam installation to a folder outside of Program Files (x86) as recommended by the System Setup Guide. I ran Oblivion through the Steam launcher after doing this, though I am not certain this was necessary and could result in more issues for all I know.
After reading through the link you provided I can say I did the procedure outlined there, just through the guide I had been been following (first link). MO is configured such that I select Oblivion Launcher from the drop-down and press Run, which worked in the past. As said above, I changed the location of my Steam installation in response. This was not a problem before hand but figured I would do so just to avoid suggestions that this could be the issue present. As I have said before this did not pose a problem before yesterday and had been running Oblivion through MO in the manner described with all mods loaded successfully. I changed the file paths in MO to account for the change in file locations and am still experiencing the same issue I have been describing.