Blu-Ray over IEEE802.11 standard or draft wireless is a bad idea.
That statement requires no qualifiers, however I will explain quite lengthily below. You could quit reading now and get what I am trying to say though.
Blu-Ray 1X is 36Mbps
Minimum bandwidth for BD-ROM movies is 54 Mbps
The Blu-Ray association themselves admit that 2X is the lowest allowable speed for real world applications. That is 72Mbps.
Notice how even if the movie itself is limited to 54Mbps, you still have to read faster than that due to meta data and other extraneous variables. In this case the total throughput from NAS to converter needs to match that requirement, as that is effectively emulating the optical system in a Blu-Ray player in this environment.
Even if you had a strong 300Mbps connection the nature of wireless is inherently susceptible to interference:
(2.4) If your cell phone or blue tooth devices hop to that frequency, you will stutter.
(Both) If your cordless phone is on that frequency, you will stutter. Possibly only on a heart beat, or only when someone is talking (and it could be when either one talks, when one side in particular talks, or other combinations), or only while ringing.
(2.4) Your microwave will cause stuttering.
(Both) Any other Draft N devices will cause stuttering.
This list goes on.
This list is biased to 2.4 Ghz (even though you mention 5Ghz) because I have been more concerned about that frequency for a while (and it is more common to my knowledge), there WILL be examples specific to 5Ghz.
And before you tell me you live in an empty box with none of these devices, remember that neighbors may not live such spartan lives.
Most of the time you won't notice this because you are either not using real time applications, or they aren't taking any significant amount of bandwidth. With Blu-Ray going you are going to be using way more real time bandwidth than I would ever count on.
While we are at it, using a file transfer in windows to measure throughput is fraught with peril, though that point is moot by now.
Also, you have me slightly confused with this:
DIR-855's dlinkmedia 5.0GHz 802.11g channel connected to the Intel 4965AGN wireless card in my dell laptops.
I assume you mean 5.0Ghz Draft N, however I feel compelled to add that IEEE802.11G is 2.4Ghz and 54Mbps only.
Throughput on the NAS makes sense as a bottleneck.
As does wireless Draft N specification.
As does specific wireless environment.
As does decoding and playback on your PC.
*** Edited to make my statement about Blu-Ray over wireless more true, I realized that there were some more exotic technologies that would be used that are "wireless" when I got home. I changed it to specifically reflect IEEE 802.11 standards and drafts. ***