No.
Beside your first question, what kind of display do you have and does it have a DVI port that is HDCP? Even my several year old, no nearly new, under-$3,000 Sony has a DVI port, so you may be in business. If you do have a DVI port, all you need is an inexpensive HDMI to DVI cable (DVI does not pass audio, so you have to connect your audio directly to your receiver).
Currently there are no movies on either BD or HD-DVD that have implemented digital only restrictions. Therefore you can connect a player of either format to your display via component connections.
Of course the studios can implement restrictions whenever they choose and the content providers, not the hardware manufacturers, have set the restrictions.
Since you feel so strongly, you may be looking for a place to dump the new formats.
Of course there are those who will probably defeat the whole process (but not by just stripping off the flags) in time, so if you actually believe that will happen, you have nothing to lose by buying into one (or both) of the formats now (as you can watch everything via component cables). And by the time the content owners turn on the restrictions, the gray market will provide your solution.
Taking this approach would avoid the unpleasantness associated with your final suggestion.
