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Yeah. Literally just watched "The Terminator" - which I legally bought on DVD and ripped - on a 65" OLED TV streamed from my Plex instance and it was perfectly fine. I do watch higher-res stuff but honestly at couch-distance DVD quality is enough.
As for region locks, my ripping software and drive couldn't give two shits about that.
Yes, exactly. I'll notice the quality difference if I'm standing 3 feet away from the screen, but that's not how I watch movies.