I know Mithril has a long tradition in TES games (last appearance was in Oblivion), but it makes me cringe every time I see it. For me at least it's kind of in the same field as pointed wizard hats, it's painfully cliche.

That being said, the silver material type is pretty much the same in appearance and will (maybe?) also be used for light armours. Personally I head-canoned quicksilver as mithril by another name the minute I saw it in Skyrim anyway.
I plan on doing armour a little differently to the vanilla version. It's all pretty up in the sky at the moment and pretty far in the future to boot, but what I'm currently thinking is a rework of how light armour works so that it's no longer a matter of high-end light armour = chunky full plate armour.
Light Armour:
Fur
Hide
Redgaurd Leather
Leather (i.e. Based off the Thieve's guild armours)
Studded Leather (Iron-Daedric) (Current Studded Leather)
Studded Leather (Iron-Daedric) (Current Leather Armours)
Imperial Leather (Iron-Daedric)
Imperial Chain/Studded (Iron-Daedric)
Padded Chain (Iron-Daedric)
Padded Scale (Iron-Daedric)
Scale Armour (Iron-Daedric) (Current Scale Armour)
briastplates (Iron-Daedric) (All types of heavy armour briastplates with no leg/pauldron armour)
Dragon Scale
So in the end, at least when it comes to chest armours, light armour should have substantially more options than heavy will, without having your sneak-thief-assassin walking around in armour that just doesn't suit the idea of 'light'.
Here's my rather feeble first attempt- daedric bonemold http://cloud.steampowered.com/ugc/560939203694381406/8AE69EDA668E0523DB83DC268F5315AC27FDC908/ How do you guys do it? I've tried using a simple overlay, but that doesn't make the texture itself very visible
Might be a better idea to start with something a little simpler, Daedric is going to be a nightmare to do. I'd suggest playing around with iron/steel plate/elven to get a feel for it.
Other than that all I usually do is set to grey-scale, tweak contrast/brightness and then play with different overlay settings till I find something that works well. I expect Baratan will give you a better answer though, he's considerably more experienced than I am.
Just updated the link (it'll be the same one, though) and it's now got proper names for all the variations. Eg: Iron Battleaxe of Dismay, Iron Battleaxe of Harvesting, and etc. There's a variant for every level of enchantment, too - so in the vanilla game, you might see only 3 different levels on glass, you'll see all of them that exist now. Just let me know if you're interested at any point in the tool itself, the code for it, or anything else of the sort, and I'll throw it up for a download. What I haven't done is figure out how to merge the plugins together easily and keep formID's correct.. but it works like this, at least.
Great! I'll just load this up in the CK and...
http://www.youtube.com/watch?v=jYj7T9eEQ4U
That is... that is certainly something. I'd love to try the tool at some point, but I think I'll shelve any plans for creating enchanted items till the mod is done, the CK load times would be a killer.
