From the readme:

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Requirements
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Morrowind and Tribunal

Morrowind is the only master needed but the mod uses functions that were added by Tribunal so you will need that as well. Also, you will most likely need the Morrowind Code Patch with the Calendar Fix selected.

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Description
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I was going to release these as four separate mods but I realized that none of them really added that much nor were they completely original ideas so I decided to combine them. This works fine since the additions are optional and customizable and you still get four mods. I'll describe the differences in a moment but first let me explain what has been added.

-----Simple Quick Start-----
At the very beginning of the game, on the Imperial prison ship, you will be offered the choice to skip the game's original beginning or not. If you choose no, everything continues as usual. If you choose yes, you go directly to character generation. I was inspired by another mod( I can't remember which )to let you pick your race first so you can then decide on an appropriate name afterwards. You then pick your class. It is a little weird if you choose to answer the questions because of Socucius's disembodied voice but you could do that if you want. You then pick your birthsign and review everything and when your done, you will find yourself in the Seyda Neen Census and Excise Office right in front of Socucius Ergalla. Your papers are already in your inventory( along with a couple of trinkets I'll talk about in a moment ). The guard will unlock the door for you and tell you to talk to Sellus Gravius. You will still need to get Fargoth's ring out of the barrel and go inside and give your papers to Sellus Gravius and ask about your 'duties' etc. etc. I added in the script from Morrowind Containers Animated 1.2 modified to work with the Quick Start for the barrel with Fargoth's ring in it. I've tested it and this mod works with or without Animated Containers, I just didn't want the "You now have a map menu" box popping up in any case.

-----Ring of Waiting-----
One of the new trinkets you get is a miscellaneous item that looks like a common ring called the Ring of Waiting. Equip the ring and a box will pop up giving you the current time, the phase of the moon(s), and asking how long you want to wait for. Adjusting how long you want to wait can be a little tricky but I tried to fit the best possible options into the number of buttons allowed. With this ring you can, in principle, wait for as little as 15 minutes or as long as 15 years. In reality, I don't know why you'd want to wait for only 15 minutes and 15 years will take forever. The idea is to let you wait for times not available in the Rest Menu as well as let you wait in the wilderness without sleeping and being randomly attacked by critters. Select the amount of time you want to wait for and press 'Wait' and you'll wait for that amount of time. Afterwards, your fatigue will be fully recovered( not your health or magicka since you're not sleeping )and if you wait for at least an hour, the weather will start clearing up( only on Vvardenfell  and not including the Red Mountain Region ). It may take a moment if you decide to wait for longer periods of time. The script makes you spend one frame in each day that passes so that other scripts that detect the passing of days will recognize the passing of time. So, if you want to be a werewolf, give yourself the disease and set the ring for three days. If your not starting a new game, you can give yourself the ring by opening up the console and typing "player->additem, djmaster_waitring, 1" without the quotation marks.

-----Amulet of Adjustment-----
The other trinket you get is a miscellaneous item that looks like a common amulet called the Amulet of Adjustment. Equip the amulet and a box will pop up giving you several options. If your not starting a new game, you can give yourself the amulet by opening up the console and typing "player->additem, djmaster_AdjAmulet, 1" without the quotation marks.

The first option is to adjust your attributes. This works best if you have your stats menu open but since you have to equip the amulet in your inventory, this should not be a problem. Basically, you can take points away from any attribute and add them to any other attribute. Your attributes can go as low as 0 and as high as you want. The adjustments don't affect your health but they do affect your fatigue which is your strength+agility+endurance+willpower and your magicka which is dependent on your intelligence.

The second option is to adjust your skills. This works the same as adjusting your attributes except there's more menus to navigate. Again, it's best to have your stats menu open and you can go as low as 0 or as high as you want.

The third, fourth, and fifth options are for randomizing your attributes. I loved the old RPGs where you would role for your stats when creating a character. Your luck will always be 40 but the other attributes can be values from 30 to 50 and all of your attributes have to add up to 310. Don't worry if you had more than 310 points to start with( you get 20 extra from your class and may get extra from your birthsign )because any extra will be available to add back using the adjust attributes option. You may want to use these randomizing options with a beginning character only since your health is also reset according to your new strength and endurance. Choose 'Randomize Attributes by 10s' for your attributes to be multiples of ten, or 'Randomize Attributes by 5s' for your attributes to be multiples of five, or just 'Randomize Attributes' for all values from 30 to 50. This may take a moment since the script has to find appropriate values that add up to 310.

The sixth option is for randomizing your skills. This does not work the same as randomizing the attributes since that would take forever. Instead all of your skills are set to 5, then five skills are picked at random to be 30 and five skills are picked at random to be 15. You then get to pick whether to 'specialize' in Combat, Magic, or Stealth. That means that all nine of the skills in one of those specialties will get a 5 point bonus. You can pick for yourself, let it be picked randomly, or let it be picked based on which specialty already has the most points. Any extra points, like the 45 racial bonus points, will be available to add back using the adjust skills option. This is weird, I know, since you still have to level up your original major and minor skills to level up your character. I use this in conjunction with my own dynamic levelling mod which lets you level up based on all of your skill level ups, not just the major and minor ones. Your original major and minor and specialized skills will still level up easier unless you use the different versions of this mod. DJ - Skyrim Regen Plus.esp doesn't change anything with how skills level up. The other three all remove the bonus for your specialized skills. DJ - Skyrim Regen Plus_MajorSkills.esp sets all of your skills to level up like major skills, DJ - Skyrim Regen Plus_MinorSkills.esp sets all of your skills to level up like minor skills, and DJ - Skyrim Regen Plus_MiscSkills.esp sets all of your skills to level up like miscellaneous skills.

The final options of the amulet deal with the next addition from this mod.

-----Quick Fatigue Regeneration and Skyrim-Like Health and Magicka Regeneration-----
As the name suggests,  this is what this mod is really about since you can pass on the quick start and toss the ring and amulet. Your health and magicka will constantly regenerate similar to the way it does in Skyrim. That is, your health will regenerate at a rate of 0.7% max health each second unless you have a weapon or spell readied, in which case it will regenerate at 0.49% max health per second. Your magicka will regenerate at a rate of 3% max magicka per second normally and 0.99% max magicka per second if you have a weapon or spell readied. Your magicka won't regenerate at all if you're under a stunted magicka effect.

Fatigue is a littler different. Your fatigue is used and regenerates normally unless you can go a set amount of time( 10 seconds by default )without running or jumping. After that time, your fatigue will fully regenerate. So if your run until you run out of fatigue, you only need to walk for 10 seconds and it will fully recover.

You can customize these options by using the Amulet of Adjustment. You can turn magicka regeneration on or off and set how high you want your health to regenerate to. That's just in case you still want healing potions and spells to be useful. You can also set how many seconds it takes for your fatigue to quick recover. If you don't want to use the amulet, you can simply change these globals with the console:
To turn on magicka regeneration - Set djmaster_magickaregen to 1
To turn off magicka regeneration - Set djmaster_magickaregen to 0
Set djmaster_maxhealthratio to a float value from 0 to 1. Setting it to 0 will disable health regeneration, setting it to 0.5 will only let your health regenerate to 50%, setting it to 1 will let your health regenerate until its full.
Set djmaster_fatiguetime to an integer value from 1 and up. The script uses a 1 second timer so anything less than 1 second won't work. Setting the value too high essentially disables the feature since your fatigue will most likely recover on its own before then.
Again, if you don't want to mess with the globals, just use the amulet.