Blu-Ray & my Macbook

Hi

I like the ability to rip DVD on my Macbook using Handbrake. I'd like to do the same with Blu-Ray disks. However, as we all now, Apple, despite being a major backer has not put Bu-Ray drives into their products.

So, here's what I'm thinking:
1) Buy an external Blu-Ray drive.
2) Rip in Parallels using AnyDVD HD.
3) Use Visual Hub to convert and downscale (to 720p) the ripped MTS files to an AVI.
4) Play the AVI on other devices.

I'm reluctant to go and buy an external Blu-Ray player unless I know this will work. Has anybody had any experience with this?