Your reservations are valid. Here's my experience:
1. I've shared many recent rips through google drive for a small circle of friends and never got into trouble - there is no automatic content scan as there is for Youtube (dropbox, however, does have that implemented).
2. One time a link got shared with a third party who was dumb enough to post it on the skateboard mag website and the company requested takedown of the video from google, who then requested it from me.
3. These rips will all be old and not for sale any more. What is more, most of them will be ISO images, which google can't scan.
4. I will start a "pilot program" with the free space that I have now. Then I will probably move to the 100GB plan, which is 2$ per month. When I fill that up and get no grief from google, I will move on to 1TB.