With that free DVDFab Passkey code, you should be able to play blu ray directly in software like VLC and MPC. Currently checking out it it will work with software like imgburn to rip .iso files from blu ray. If it can be encoded in handbrake, then I have me a free MakeMKV replacement.
Edit: Personally, I much prefer MakeMKV, and it is truly an awesome piece of software for this DRM-induced mess called Blu Ray, but I so rarely have a need of it that the asking price is much too high for my liking, and dealing with expired trial keys that may no longer exist in the future is a bit of a pain.
On the other hand, DVDFab Passkey seems to work with IMGBurn for ripping .ISOs. My concern is the potential internet connection requirement that I am checking out. AKA, no blu ray decryption without an internet connection. Also, pulling the video files directly for .mkv may be a bit of a pain compared to the one-click solution of MakeMKV.
edit 2: Do be careful in downloading IMGBurn. Nasty case of Adware from the particular mirror I used. A shame, I don't remember having this issue some 5 years ago.