Hello, CaliHeat
You can view Bluray discs with SVP 3.1.2:
1. Install SVP Full with all options by default
2. Turn off internal MPC splitter: MPC - View - Options... - Internal Filters - uncheck MPEG PS/TS/PVA - OK
3. Turn on subtitles in MPC: MPC while playing - Play - Subtitles - Enable
Also you can read the thread [FIXED] What we need in default installation