As far as i understand ... they are almost the same process... you do have options to create partitions using the recovery maybe the drivers are also install... not sure..... but in any case backup all the important stuff before doing this.
As far as what i have seen in your system, this is not a serious problem.. a clean reinstall should solve the problem
And yes you can play with other 3rd party player.... like cyberlink powerdvd etc
For playing blueray
Click on Media > Open Disc
Then Select BlueRay
and then Click Play