Nope. All it lets you do it set which action you want each thumbstick to perform (be it looking or moving). I don't think they even considered that not all game controllers are Xbox/DualShock-style, nor did they consider that not all dual-stick gamepads use the same mappings for their analog sticks (I don't believe Oblivion works with the Xbox 360 controller out of the box, actually -- I don't think my right stick functions at all since it doesn't return what Oblivion expects it to*).
All in all, it's probably about the worst joystick "support" I've ever seen in a game. They would have been better off not including it.
*Edit: To clarify, Oblivion expects the left stick to return X/Y analog values and the right stick to return Z and Z rotation. The Xbox 360 controller, which the game was technically designed for, returns the expected X/Y axis for the left stick, but returns XRot/YRot for the right. This can be changed by editing Oblivion.ini, but why in the holy mother of fuck should anyone have to do that?
Oh, there's also a nice little "bUse Joystick" variable in the file. I'm glad they couldn't just make that a little checkbox in the options menu.