I got my hands to shrink using the information in this thread, now instead of seeing giant arms stretch across the screen there's just two hands that show what spells I have equipped. The SunUpdates I have underneath I found make the shadow movement unnoticeable.

fDefaultWorldFOV=85
fDefault1stPersonFOV=45.0000
fSunShadowUpdateTime=1.0
fSunUpdateThreshold=10.0

For people who want their first person view to be taller there's http://www.skyrimnexus.com/downloads/file.php?id=3265 Works pretty well for an Altmer, Orc, or Nord. The next size larger seems to line up fairly accurately. It's been updated since I downloaded it so I'm not sure which of the options is the one I'm using.