ISO Recipes using dried morels
Jacques Pepin just did a turkey scallopini with morel sauce last week- http://www.kqed.org/food/jacquespepin/. It needs lightened up, but it wouldn't be too hard if you're used to doing it.
I usually use dried mushrooms and the broth from rehydrating in risotto, usually with some chicken chunks and asparagus. I don't finish it with a half pound of butter and cheese, so it's pretty low fat.
a quick Epicurious search brought up 18 - hopefully some of them will appeal to you...
and in consideration of the low cholesterol request:
We used to pick them ourselves on our property up in northern Michigan if I remember correctly. I love the flavor and would make them mixed with some other mushrooms in a lightly creamy mushroom soup to enhance the flavor.
That or a combo of sauteed morels, leeks and spinach right at the end as a simple fresh side to dish to really show off the morels.
Ottolenghi Mushroom Parcel
Although I don't follow it precisely, this recipe is the basis for a mushroom stew. I've used blends of cremini, button, shitake, and a small amount of dried morel. I've also replaced the chervil and tarragon with parsley and thyme (they're in the ref) and the only alcohol in the cupboard is cognac. To even further deviate, I cook it on the stove in a pot. Some of the mushrooms are sliced and seared while the others were left whole or quartered - it makes the texture more interesting.
I serve the ragout over 'pancakes' made from garbanzo flour. The textures and flavors went well together. The next morning the mushrooms, along with spinach, can be used in in an omelet and in the evening, the basis for a pasta sauce.
I've made this a number of times since the original posting on the Ottolenghi Cookbook thread - it really highlights the various flavors and textures of the mushrooms.