Not the way I would do it. Optical is not good for archives that you plan to access regularly, on a daily basis. Unless you keep the same disk in the drive all the time. Everytime you change the disk, it picks crud up on the surfaces.
Solid state drive much better idea, more reliable in long term. You still tie a bunch of Amiga resources up, keeping track of such a large filesystem, but at least it doesn't have to worry about foreign bodies caught on the disk surface.
Theoretically, if you did the whole archive on a different non-Amiga system, then set the Bluray drive up to be accessed on an Amiga via IDE or SCSI, that would also be quicker access than using USB,
The above is much more of a concern on classic Amigas as opposed to Amiga4 onwards releases. It's doable on Amiga 4 onwards. It's a seriously challenging for earlier Amigas.
All the above is my opinion. I have not much experience of BluRay, and certainly none as far as using Bluray on an Amiga based system. A common solution it to host big databases in a network drive box, that can be accesssed by other systems over a network. If the network drive can take a Bluray drive, that might be a way to do it on anything that can talk over a network.
