If anyone is still having this issue and happens on this topic (like I did), I have a solution. You need to go here and download a copy of the official shader packages: http://www.nexusmods.com/oblivion/mods/20348/? Next, launch Oblivion and make sure HDR is on. After you get the grey screen, go ahead and exit. Run over to your "My Documents" folder, "My Games," and under "Oblivion" should be a file called "RenderInfo.txt." Open it and find the line "Shader Package." Across from it should be a number. Mine was set to "2" - remember that number. Go ahead and install the mod you downloaded earlier. It will go under "Data/Shaders/" Now find and copy "shaderpackage019.sdp" and paste it in the same directory. Find the shader package that correlates with the one set in "RenderInfo.txt" (i.e. "shaderpackage002.sdp") and delete it. Finally, rename the package you copy+pasted earlier and give it the same name as the one you deleted ("shaderpackage019 - copy.sdp" to "shaderpackage002.sdp"). If you mess up somewhere and things look funny or you have performance issues, just delete the "Data/Shaders/" folder and go back to Bloom rendering.