Here's my suggestion for weapon replacer mods, textures and models.
Generally, I don't go for the high poly super HD weapons first, I tend to stick to vanilla style, preferably optimized models first.
As ever, this is not a complete list, I am not claiming these are the best replacers either, just the one that I am currently enjoying.
The mods are listed in the recommended installation order (for MO2 users, that's your left panel).

Some optimized models

Morrowind Optimization Patch mop covers A LOT of meshes, always start your install with this. You are still free to upgrade models later on.

All weapon textures

Darknut's Little Weapons Mod Complete
With this, we get rid of vanilla textures, most of the Darknut's textures will be replaced by other mods. Think of this as your safety net, or of course, stick to vanilla textures.

Adamantium

Adamantium Axe Replacer by Rubberman
Adamantium Claymore Replacer by Rubberman.
Both mods are models only (work with any texture replacer you pick, such as Darknut's, pluginless).

Nordic

Nordic Mesh Improvements by Remiros. Stays very true to vanilla. Comes with its own Weapon Sheathing patch.

Orcish

Smooth Orcish Weapons by Stuporstar. Stays very true to vanilla. Comes with its own Weapon Sheathing patch.

Dwarven

Insanity's (Dwemer) Weapons of Morrowind - For Morrowind by InsanitySorrow as well as Remiros and starwarsgal9875. Port of InfinitySorrow's Dwemer weapons for Oblivion.

Silver

Silver Mesh Improvements by Remiros. Stays very true to vanilla. Comes with its own Weapon Sheathing patch.

Iron

Real Reflective Weapons - Iron by Pherim. A classic.

Steel

Improved Weapon Meshes - Steel by Pherim. The other classic.

Glass

Smooth Glass Weapons by Stuportstar. Stays very true to vanilla. Comes with its own Weapon Sheathing patch.

Some Iron and Steel

Insanity's Weapons for Morrowind Port of InsanitySorrow's Oblivion weapons (includes the spiked club and glass sword, install after Smooth Glass Weapon if you want this one)

Bonemold

Bonemold Bow Replacer by Remiros

Dreugh and Chitin

This WIP is available on the Thastus Guide page. Includes a replacer for corkbulb and Bonemold ammo as well as spiked club and bonemod arrow : install after the Bonemold Bow Replacer by Remiros and InsanitySorrow's iron and steel replacers if you prefer the models from this WIP.

Katana, Tanto, Wakizashi

Oriental Mesh Improvements by Psymoniser. Optional, this will replace some iron and Daedric models, install after Daedric Intervention if you prefer these.

Daedric

Daedric Intervention - Weapons by Articus. Looks great, very HD.

Ebony

Improved Weapon Meshes - Ebony by Pherim

Wooden

Wooden Staff Replacer by Remiros.

Unique Weapons

Rubber's Weapons Pack by Rubberman who was very inspired this last May Modathon and gave us a bunch of weapons.

Sixth House

If you want the massive Sixth House bell hammer retextured, check Articus 6th House Dagoth.

Artifacts

HQ Weapons - Artifacts merged by EJ-12 and Qwerty. If you've been around the modding community, you will know that the Russian modding scene has given us some of the most amazing models. More often than not, these models will make the average computer cry. Some models are sometimes very extravagant and not to everyone's taste. Artifacts are unique and imbued with divine powers and that, calls for HQ weapons.
Remiros has make a few unique artifacts as well, if you want something a little less flashy: Volendrung HD, Chrysamere PBR, Mehrunes' Razor PBR and The Tools of Kagrenac.

As ever, do let me know if you feel I've miss something important!
Happy Morrowinding!