Lets get it straight, although you may use the MBP for encoding, I don't think you're going to want to use your MBP internal DVD drive to rip all your DVDs.
If you have a large collection, use an older desktop Mac or desktop PC, that comes with a $35 DVD drive, easily replacable if you wear it out.
Same with the disk, why use your MBP internal hard disk, or an external one, when you could drop a top quality 2TB green drive into the desktop for $80 or less. Go larger if you have the cash.
Then after you've used the old desktop for ripping the DVD, used your MBP to encode the rip and stored the M4V on the old desktop, you may as well leave them on there and have it run iTunes and share the content.
Good luck with the ripping, I did my DVD collection years ago, about 700 movies and tv show discs. I just did 2-3 discs per day in each desktop Mac (a Mac Pro, PMG5 and MDD G4), just dropped one in each in the AM, one when home from work, one before bed, maybe more at the weekend if I was walking past. In 3-4 months I had all of them done. All encoding done on the Mac Pro once per day - it raced through them in no time.
New DVDs get done as I buy them.
Do your favourite shows first, then review them on the TV just to get an idea for the quality settings you should use, but that's another (already well asked) topic.