Some things I'd seen on the net and took for granted came haunting me again. So I decided to consider them today and here is what I've found out so far (there could be better/sleeker alternatives):
I have taken a good look at
NetGear Digital Entertainer Live (DELive)which then led me to their
Digital Entertainer Express (DEExp), and finally to
Digital Entertainer Elite (DGElite) - which looks like what I really needed. So once I rip to NTFS or whatever file system, I can connect my external TB drive via USB)directly to the DGElite, which has software to organize my media. Connecting DGElite to the TV should complete the equation.
Then again, I got to see the
WD TV Live which appears to compare competitively to DELive because it supports more digital image formats, and I hear that all I have to do is rip the DVDs into .iso format and it will automatically know what to do with the files, which is great, since no format conversion is involved. I'm coming closer to the solution. Now what remains is to get some reviews and then commit the cash to whatever device that wins!
Ability to play directly from an ISO image really counts though. Playing subtitles is another.