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You have a lot of hurdles to overcome here.
1. mailing porn to many places can be very tricky. There are people who have gone to jail for that so you will need some solid legal help to make sure you are squared away.
2. porn is by and large an impulse buy. I see a girl that gets me hard, I join a site because I want to jackoff to movies of her getting railed in the ass. Having to wait a 1-3 weeks for a DVD to get to me in the mail could kill my hardon.
3. Startup costs. If you are going to shoot exclusive content you will need a pretty good amount of of and that is not cheap to produce. If you are going to go with non-exclusive, most of that (save that from some niches) is available for free on the tube sites. Sure, it isn't Blu Ray, but it is free. Even if it is not free and you would have to pay to watch it, you would need to make a pretty good argument as to why I should wait for the blu ray in the mail as opposed to getting access now.
4. you could do a hybrid. Give them access to DVD quality content in the site and also send them the content on Blu Ray. This way you now offer something others are not and those who are looking for instant gratification can get it then in a few weeks they get the disc in the mail and get to check it out in that format.
Not trying to slam, just giving my thoughts. Good luck with the project.
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