you're in for some fun, i've actually done some vinyl>mp3 conversions. first of all its probably going to be alot easier to buy all the releases as cds, i gaurantee transferring that many records will be a pain in the ass, secondly, it will be expensive as well. i'll lay down the basics
1. Unless you are fortunate enough to have a Vaio (like me

) you are going to have to get a computer interface for RCA cables, if your turntable does not use RCA, i suggest you buy one with RCA outputs, otherwise you'll never get any thing accomplished, here is an example of a RCA interface:
http://www.zzounds.com/item--RLLGCI404
2. you will need to get a computer program that will record sound coming from the inputs, often if you have a good pc the software will be included (example: sonicstage mastering studio).
3.now that you've got the necessceraries you have to record in REAL time, that hook your record player up to your computer (via an RCA interface), press record on whatever program you got, then let your record play all the way through, hit stop, and you have now recorded one half of the LP. do that 399 more times and you have your whole collection archived. if you want to get fancy you can load the recorded material into a program that will allow you to seperate the tracks by splitting the long recording whenever a song ends. now your songs are either saved in mp3 or WAV format, which you can then burn onto a Blu-Ray disc and listen to on a Blu-Ray drive, i dont know if Blu-Ray players for tv will be able to playback the mp3 or WAV, but it will depend specifically on the player you buy
like i said, this process is very long and if a humongous pain in the ass, so unless you got some rare vinyl like Analogue Bubblebath 5 (
http://en.wikipedia.org/wiki/Analogue_Bubblebath_5 ), Q-Chastic (
http://www.discogs.com/release/45528 ), or some other limited shit, suggest you buy cds.