I can't wait to see your official results Fieldmaster!
I'm an ex-member of IE and we did a few experiments of our own on morale. It's been a long time since I've played so i've forgot a lot but i think i can recall the obvious basics.
1. Morale is the number of each troop type that attacks per round
2. Maddog estimated the typical number of troops that attack are 200-300.
3. This number decreases for troops with poor morale and increases for ones with good morale
4. Having more than 1 non hero army on a square drastically decreases this number
5. Leadership skill increases this number
6. High tavern level increases this in your own city
7. If these ideas are correct, a standard army would have a large meat shield of swords and then 300ish of every other troop type for maximum firepower.