Would this emulator allow me to play off disks in my Blu-ray drive?

Signs point to no, at least due to DRM (?) many PC blu-ray drives aren’t capable of reading PS3 discs. Technically possible if you buy a specific drive (or maybe altering a drive?), otherwise you probably would need a PS3 with custom firmware to rip your own games.

EDIT, More directly:

In its current state, RPCS3 does not support reading game data directly from PlayStation 3 format discs.