The name of the maximum training level setting

From the Oblivion Wiki:

Some magical effects can increase your skill above 100, but in general increases above 100 have no real effect. The only exceptions are Acrobatics and Athletics , which will continue to increase your character's jump height and run speed, respectively, up to a maximum value of 255.

As for attributes:

The current value of an attribute can be boosted past 100, and many, but not all, benefits of the attribute continue to increase for values greater than 100 (see Magical Effects on Attributes ). Most aspects of game play are based upon the current value of the attribute.

Fortifying an attribute temporarily raises that attribute's value by M points, for a period of D seconds. Fortify Attribute can increase an attribute above its base value and can even increase an attribute above the maximum value of 100. Increases in attributes past 100 have the same effect as below 100 with one exception: weapon damage. Luck's effect on other attributes of +5 Luck = +2 (Other Attribute) is not altered when Luck is above 100; however, as it effectively raises the level of other skills up to a cap of 100, Luck has a diminishing effect on attributes that exceed the cap, and ceases to have an effect on attributes that reach 100. See Oblivion:Luck and the other attribute pages for details of their effects on skills.

So while fortifying endurance past 100 will boost your health, fortifying strength past 100 will not boost your melee damage but it WILL continue to increase the maximum carry weight and fatigue.

One of the most quirksome features of Oblivion is that everything scales. It doesn't matter where you are -- whether invading old undead-infested forts, or clearing oblivion gate after oblivion gate; the champion arena matches, or facing off against Manimarco the King of Worms -- all creatures are scaled to give you approximatley the same level of difficulty throughout.

So to answer your question, there is no proper level. However, the game can be a bit brutal at the early levels before you can build up enough of a health buffer to make fights more drawn out affairs. How are you building your character? (Stackexchange has some good questions re: oblivion for these very things!).

You should find these links useful:

Playing a sneaky character in Oblivion

Character Building tips for Elder Scrolls IV: Oblivion?