Cyrodiil, on the map, is bigger than Skyrim. Which means the heightmap would have to be bigger than Oblivion's original one (since Skyrim is the "same size" in game terms, a matching Cyrodiil region for Skyrim would now have to be bigger.)
Increase the Cyrodiil/Oblivion Heightmap by 1.5x which looks about right. Shouldn't be that hard.
Get permission from Bethesda for the mod to use peoples (legally obtained) Oblivion assets It MAY be possible, depending on how you go about it. Again, no putting them up for download. Maybe they'd be alright with people copying the BSA's over to the Skyrim data folder, but maybe not. You definitely can't port them over to other "games" but OpenMw was allowed to go forward using the assets in a brand new engine.
Re-do all of the NPC's Brand new npc art system means every npc would have to be redone by hand. Besides, it's been quite a while (200 years?) since Oblivion. No one from back then would be alive anyway.
Reconstruct every bush and tree model No more speedtree means no direct use of the original tree and bush files. You could use the models and textures (such as you can get) but would have to rebuild all of them.
Reconstruct every town, city, and dungeon The filetypes might be the same, but with a new scripting language and plenty of other things for Skyrim it's doubtful the new CS can read the old files. Ideally someone would create some kind of exporter. Otherwise this task would be nigh impossible, or at least just very very long.
Reconstruct/New levelled lists, AI, and etc. Again, can't read the original files.
The conclusion is that, even if it is legally possible, it would be a fantastically huge undertaking. But best of luck to anyone that tries.
