Yeah, really.

Dunno where this lies in your ethics/morals, but if you already own the blu-ray why don't you just get a scene released 720p/1080p rip of the movie?

They are releasing a better quality:size rip than what you'd do yourself...

If that's not something you want to do, depending the layout of your rooms, couldn't you just run a dvi to hdmi cable to your tv and just watch the full quality blu-ray disc on there? ...or is the main issue that you want to use the WD box?