This only seems to occur outside, in daylight (though I haven't extensively tested in nighttime--I will if it's important). It affects summons when they first begin to appear (though parts of the intended summon shader are visible where the white blob ends). It also rears its ugly head when the summons are simply walking about or casting spells.
Here is my modlist:
Active Mod Files:00 Oblivion.esm01 Francesco's Leveled Creatures-Items Mod.esm02 Francesco's Optional New Items Add-On.esm03 Cobl Main.esm [Version 1.72]04 Oscuro's_Oblivion_Overhaul.esm [Version 1.34]05 Mart's Monster Mod.esm [Version 3.7b3p3]06 FCOM_Convergence.esm [Version 0.9.9MB3]07 bookplacing.esm [Version 1]08 Unofficial Oblivion Patch.esp [Version 3.2.0]09 UOP Vampire Aging & Face Fix.esp [Version 1.0.0]0A DLCShiveringIsles.esp0B Francesco's Optional Chance of Stronger Bosses.esp0C Francesco's Optional Chance of Stronger Enemies.esp0D Francesco's Optional Chance of More Enemies.esp0E Francesco's Optional Leveled Guards.esp0F FCOM_Francescos.esp [Version 0.9.9]10 FCOM_FrancescosItemsAddOn.esp [Version 0.9.9]11 FCOM_FrancescosNamedBosses.esp [Version 0.9.9]12 Fran Armor Add-on.esp13 Fran_Lv30Item_Maltz.esp14 Better_Water-1830.esp** Book Jackets Oblivion - BP.esp15 Cobl Bookjackets.esp16 ImprovedSigns.esp17 DLCHorseArmor.esp18 DLCHorseArmor - Unofficial Patch.esp [Version 1.0.5]19 DLCOrrery.esp1A DLCOrrery - Unofficial Patch.esp [Version 1.0.3]1B DLCVileLair.esp1C DLCVileLair - Unofficial Patch.esp [Version 1.0.5]1D DLCMehrunesRazor.esp1E DLCMehrunesRazor - Unofficial Patch.esp [Version 1.0.4]1F DLCSpellTomes.esp20 DLCSpellTomes - Unofficial Patch.esp [Version 1.0.1]** Book Jackets DLC.esp** GrimbotsSpellTomes.esp21 DLCThievesDen.esp22 DLCThievesDen - Unofficial Patch.esp [Version 1.0.5]23 DLCThievesDen - Unofficial Patch - SSSB.esp [Version 1.0.4]24 Cobl Glue.esp [Version 1.72]25 Cobl Si.esp [Version 1.63]26 OOO 1.32-Cobl.esp [Version 1.72]27 Bob's Armory Oblivion.esp28 FCOM_BobsArmory.esp [Version 0.9.9]29 Loth's Blunt Weapons for Npcs.esp2A FCOM_LothsBluntWeapons.esp [Version 0.9.9]2B Oblivion WarCry EV.esp2C FCOM_WarCry.esp [Version 0.9.9MB3]2D Oscuro's_Oblivion_Overhaul.esp [Version 1.34]2E FCOM_Convergence.esp [Version 0.9.9Mb3]2F FCOM_EntropicOrderRebalance.esp [Version 0.9.9beta2]30 FCOM_RealSwords.esp [Version 0.9.9]31 FCOM_SpawnRatesSlightlyReduced.esp [Version 0.9.9MB3]32 FCOM_SaferRoads.esp [Version 0.9.9]33 Mart's Monster Mod - Safer Quest Locations.esp [Version 3.7b3p3]34 Mart's Monster Mod - Dungeons of MMM.esp [Version 3.7b3p3]35 Mart's Monster Mod - Hunting & Crafting.esp [Version 3.7b3p3]36 Mart's Monster Mod - Farm Animals.esp [Version 3.7b3p3]37 Mart's Monster Mod - Diverse WaterLife.esp [Version 3.7b3p3f]38 Mart's Monster Mod - Slof Horses Complete.esp [Version 3.7b3p3]39 FCOM_DiverseGuardUnity.esp [Version 0.9.9]3A FCOM_BobsGuardUnity.esp [Version 0.9.9]3B FCOM_HungersUnitySI.esp [Version 0.9.9]3C Mart's Monster Mod - Shivering Isles.esp [Version 3.7b3p3]3D OOO-WaterFish.esp [Version 1.34]3E MMM-Cobl.esp [Version 1.69]3F LetThePeopleDrink.esp [Version 2.5]40 Mad Mike's Crypts of Cyrodiil.esp41 DLCBattlehornCastle.esp42 DLCBattlehornCastle - Unofficial Patch.esp [Version 1.0.4]43 DLCFrostcrag.esp44 DLCFrostcrag - Unofficial Patch.esp [Version 1.0.4]45 Knights.esp46 Knights - Book Jackets.esp47 Knights - Unofficial Patch.esp [Version 1.0.9]48 The Lost Spires.esp49 FCOM_Knights.esp [Version 0.9.9Mb3]4A xulStendarrValley.esp [Version 1.2.2]4B xulTheHeath.esp4C XulEntiusGorge.esp4D xulFallenleafEverglade.esp [Version 1.3.1]4E LostSpires-Everglade patch.esp [Version 1.2]4F xulColovianHighlands_EV.esp [Version 1.2.1]50 xulChorrolHinterland.esp [Version 1.2.2]51 xulBeachesOfCyrodiilLostCoast.esp [Version 1.6.4]52 xulBravilBarrowfields.esp [Version 1.3.2]53 xulLushWoodlands.esp [Version 1.3]54 xulAncientYews.esp [Version 1.4.2]55 xulAncientRedwoods.esp [Version 1.6]56 xulCloudtopMountains.esp [Version 1.0.3]57 xulRollingHills_EV.esp [Version 1.3.2]58 xulPantherRiver.esp59 xulRiverEthe.esp [Version 1.0.2]5A xulBrenaRiverRavine.esp [Version 1.0.2]5B xulImperialIsle.esp [Version 1.6.5]5C xulBlackwoodForest.esp5D xulCheydinhalFalls.esp [Version 1.0.1]5E xulAspenWood.esp [Version 1.0.1]5F xulSkingradOutskirts.esp60 FCOM_UnofficialFranArmorAddon.esp [Version 0.9.9]61 Salmo the Baker, Cobl.esp [Version 3.08]62 Toggleable Quantity Prompt.esp [Version 3.1.1]63 Quest Award Leveller.esp64 Quest Award Leveller - Battlehorn Castle.esp65 Quest Award Leveller - Vile Lair.esp66 Quest Award Leveller - Mehrunes Razor.esp67 Quest Award Leveller - Knights of the Nine.esp68 Enhanced Grabbing.esp [Version 0.5]69 All+5AttributeModifiers.esp6A bgMagicEV.esp [Version 1.7EV]6B bgMagicEVStartspells.esp [Version 1.68EV]6C bgMagicEVAddEnVar.esp [Version 1.68EV]6D bgMagicEVPaperChase.esp [Version 1.68EV]6E Bashed Patch, 0.esp
I think that it might be LAME that's changing the graphics, but I don't know for sure--and it seems to be a recently cropped up issue, though I haven't installed any mods recently sans the Oblivion crash prevention system, which I cannot imagine is causing the problem. No guarantees on that, though--it's possible I just wasn't around under the correct conditions in the past.