Wrong platform but this question is applicable to Mac and Windows versions of The Elder Scrolls Online as well. The base game is on sale for just under 10 bucks on the PlayStation Store. Of course, there is also a gold version for 30 bucks with all DLC other than the upcoming Morrowind expansion. Then there is another version like Gold but with a bunch of crowns currency included. Then there are a number of Morrowind preorders on top of that.
I am thinking that starting with the base game might be fine and then purchasing added content later as desired. I imagine crowns to use on DLC purchases go on sale at times but maybe shelling out for the Gold version is a good deal even so?
With so much other content to explore at first Morrowind can wait for price drops later.
Another option if I get sucked in would be to just sub for a while, save the crowns monthly from that, buy the DLC I want with them and cancel. Again, Morrowind doesn't apply here and can come later. A nice thing here is I can try the DLC as a subscriber and learn if I care about owning it or not. Lastly, I am willing to pay a sub for a game I really like and play enough to justify it. So were that to happen, I'd be better off with a cheap base game purchase followed by a Morrowind upgrade on sale later on.
It is worthy of note that I do not play any MMO rushing to endgame. I am one to take my time exploring, crafting, etc. I am more likely to start a new character to level when I hit cap than to mess around on endgame loot treadmills, etc. Thus getting a bunch of content I won't even touch for some time isn't very important unless there is a compelling economic reason to do so.
I do think there is an excellent chance that I will enjoy the game. I have seen it on console and it looks very good to me.