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Never tried that, but there isn't anything holding the disc down on the player tray other than gravity. So the disc would probably fall off and screw up your player.
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If you have hdmi, then that's all you need to go from player to t.v. Also, you can get junction plugs that will let you split the signal to several outlets.
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While this has a 1080 resolution, the bit rate of a blu ray is higher and better reception. Plus, many non-blu ray players will not be able to read a blu ray disc.
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I wouldn't bother unless you can't physically reach behind your t.v. and player. There are only two wires used--one is the power cord and the other is the hdmi cord going from the back of the player to the back of the t.v.
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