Should be no problem if your blu-ray player supports it. It does not cause any problems when I plug the USB cable into ny WD TV Live media player, so I don't see why it would for your blu-ray. It may show up as a USB PTP (picture transfer protocol) class camera device. Files in the sdcard/DCIM folder should be available.
After plugging in the cable to the blu-ray, you may have to go into a500 settings/storage/USB storage, and change the option to PTP.