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Speechcraft, the skill, helps it so you can alter people's views via persuade.
Some quests are easier or only completable, or non-violently completable by making people really like you (usually 70-100 range).
The "charisma" stuff wont be as profoundly game effecting as some games may be. There is no real pass/fail checks like in say, Mass Effect or later Bethesda games, but the benefits are there, but often more subtly spread out.
As for a newer player, Id worry more on making sure you can fight, since that seems to be most new player's hurdle, but dont be afraid to give this stuff some attention too.
From personal experience , I'd be less concerned with the personality stat and more concerned with speechcraft skill. Speechcraft will increase pretty quickly through just talking to people and bribing 10 gold a lot (everyone loves a cheesy pocket liner in Morrowind), which will in turn increase your personality when you level up. You can also take The Lady sign on creation for extra Personality and Endurance.
Regarding spells in Morrowind: there are various NPCs around the place that will make custom spells for you ( like the Spellmaking altars in Oblivion, but a lot more of them). You can also make Enchanted items that cast spells for you (like staves in Oblivion and Skyrim), to rather ridiculous levels.
Magicka doesn't regenerate in real time like in Oblivion and Skyrim, so mages are a little harder in Morrowind ( need to rest, use potions or absorb spells). That said, a new player could definitely make a spell caster, and they're quite powerful. I'd advise picking a race or sign that increases magicka: there are lots of spells in Morrowind that cost over 100 magicka.
If you want to hit things with a weapon: unlike other Bethesda games, there is a hit chance calculation to hit an opponent, meaning a player with low weapon skill can swing and miss a lot. I'd advise only using a particular type of weapon at the start if you have taken it as a major or minor skill. More here:
http://steamcommunity.com/sharedfiles/filedetails/?id=472931211
Though if you want to combine spell effects, it is useful, usually if you want to cut down on switching and casting multiple spells. Like if you wanted a spell to help you see in the dark and not be seen easily by others.
I wish I could help you more in-depth, but you can freely make and delete spells, as long as you can afford it (deleting is free, but spell making isnt) so dont be afraid to experiment if that interests you.
And as Rodent said, Magicka doesnt restore over time. You can use potions, but I usually just rest, since you can rest and heal in the wild. If you make a magic focused character, avoid the temptation of the Atronach Sign. It wont let you rest to restore magicka, even if that 2x bonus and absorb spell effect seem so enticing. Not that you cant make a magic character with it, I would just not reccomend it to a newer player.
The idea being it is more upsetting for those you like to hurt your feelings than those you already disregard.
So to effectively taunt someone , one has to repeatedly taunt and bribe someone until they decide to attack you, after which you can loot the bribe money back. It's a very effective way of 'peacefully' removing an npc, such as the Armourer in the Tower of Dusk in ghostgate. :)
I'd argue that the Atronach is a very good sign for a magic character to use, but it does require a little bit of knowhow to use, so I would not recommend it to a new player. Breton with The Appretice is probably a better way to go. :)