Before you start throwing away originals, throw them in my general direction
Why not? About how many discs are we talking? 50, 100, 200, 500? If you are worried that your drive might wear out consider the following: Compressing to lossless takes some computing horsepower. Depending on how fast your computer is, you'll see a ripping/coding speed of max. 8x. Use Plextools to limit the read speed accordingly, so the drive doesn't have to spin up to a full 48x whenever more data is read from the disk.
However IMHO the times when a separate 'reading' drive was recommended to 'go easy' on your writing drive are long past. I, for example, use a 712a writer as main reading drive, because it reads just about everything (pressed or burned media) at 12x or even 16x without needing any firmware patches. My 712a still writes fine after a lot of reading use.
A Plextor writer in combination with Plextools is a very fast and accurate way of ripping audio. Only EAC in combination with any other drive comes close but usually is slower.
Are you going to use APE or FLAC?