Here are some more tweaks that I think would make morale more meaningul, forgive my ignorance if some of these are already implemented.

Have morale positively influence learning rates, especially while in a group.

Add (more?) +morale preps

Similarly, +morale gear

Morale should affect haggle

I'd like to see high morale give warcry, berserk, frenzy, crusade, and similar skills a modest bump (maybe +1 hit)

The vanguard legacy should give a permanent +morale effect that also affects party memebers. All morale benefits should be increased for people under this effect.

Bards with high morale should sing at a greater effectiveness (less effective with low morale)