Not all "DVD" players are equal, nor do they all LIMIT themselves to the
20+ year old DVD spec. I'm sure you can find several which play from
DVD media at higher than 1x, which is 10 mbps. If not, your PC's DVD
player will surely do 4x, though modestly priced PC DVD players will
perform at 32x. However, reading is often governed at a lower rate -
but, they'll surely perform at 16x. Perhaps you can forestall a BD
player purchase by checking out DVD player specs? I don't know of any
"DVD" players that will handle H.264, but many devices which handle the
codec also handle DVDs. These "media players" care more about file
format and codecs than they do the specification of attached devices.
I'm guessing that a WD TV Live (or its Plus version) will play H.264
from DVD using an external DVD drive or a network connection to your PC.
Your PC and HDTV might connect, which renders the WD-like-device
suggestion unnecessary, however if it does not, a device like the WD
mentioned above would easily bridge them via your network.