Put that in MKV and you are set. One hard drive is worth a pile of bluerays. You can throw your purchased bluerays in trashbin then, collecting only the caselabels as proof for customs or such that you actually purchased them should you travel xross the country with your films.
Off topic but mkvs won't support all of the menus, extras, etc at the same time, AFAIK. Also repacking to mkv is a lot of extra work for blu-ray rentals. Unfortunately windows provides a better WAF for this important format (the best quality available for premium content).