From my own messing around with things, it seems the issue is that certain textures have not been defined (i.e. aren't being loaded from the oblivion texture folder).
I fixed one of the wood textures by placing the Oblivion/Data/Textures/wood folder in the Nehrim/Data/Textures folder. I'm going to continue messing around with this until I've fixed the issue.
I'm also going to leave this post up here for people who are also frustrated by the same thing.