Hi Everyone,
I just finished up my ripping experience...is that what it's called? I don't know - my entire collection is now ripped to FLAC with dBpoweramp. Overall the process was extremely easy aside from some problem discs. Below is some of the data from my experience along with my hardware and some costs (from 2020):

Ripping Devices - I found someone else who had just posted some data and stole their hardware list, it worked well for me as well:

Primary Device: LG Electronics Super Multi Ultra Slim Portable DVD+/-RW External Drive w/ M-Disc Support (GP65NW60) - $24 on Amazon (colors will affect pricing...so click around!) - I liked this device because it seemed to handle C2 Errors without a problem

Secondary Device: Lite-On 24X SATA Internal DVD+/-RW Drive Optical Drive IHAS124-14 ($21) inside a Vantec NST-536S3-BK NexStar DX USB3.0 External Enclosure ($48) - this thing is quick if you have space for the setup

Tertiary Device: Vertical Drive on my HP tower (tried not to use this) because it was super loud

Rip Data:
Albums Ripped: 1071
Net Music Runtime: 831.46 hours
Total Tracks Rippped: 12,814
Net Ripping Time (including disc issues, re-rips, etc.): 92.39 hours - NOTE - This is just ripping time...add minutes for changing discs, etc. and it was probably a bit longer because I didn't start logging re-rips/errors/troubleshooting until about 300 discs in when I realized that's where the majority of the time goes

Total Accurate Ripped Tracks: 12,230 (95.44%)
Total Secure Ripped Tracks: 552 (4.31%) - these are mostly discs that weren't in AccurateRip
Total Burst Ripped Tracks: 28 (0.22%) - I had some discs that had seen some abuse...I thought this number would be a lot higher

I'm not sure why I'm missing 4 tracks there...probably just some accounting errors on my part...

All files were ripped to FLAC as designated in the 'Getting started' guide.

Data remains on the HDD it was ripped to and has been backed up onto a NAS (Synology 220+ with upgraded RAM and a pair of WD Ultrastar 6TB drives ($820)).

Data is also being backed up onto Verbatim M-Discs (50 GB each) using a Pioneer BDR-212DBK Internal Blu-Ray Writer with M-DISC Support (6x) in another VantecNST-536S3-BK NexStar DX USB 3.0 External Enclosure ($75 drive, $48 enclosure, and ~$5.5 per disc (should use about 7 discs, so ~$40 total there). These discs will go into jewel cases and be stored in an ammo can ($20) for dust/waterproof storage (hopefully).

Also, since a big part of this was reducing the volume of space that CD's were taking up in my home, I utilized some Tyvek Sleeves (500 count for $73) and some 4 mil Gatefold Polyethylene sleeves (500 count for $78). I'm not sure if this is the best idea but I figured I would give it a go. I only used it for single discs (no compilations/2-disc sets/etc.) - each sleeved disc is probably about 1/4 the size of a jewel disc.

The only remaining things to do are to convert all the FLAC files to MP3 for portable use and figure out how to use the NAS to send music to different parts of the house.

Total Project Cost: $1,475

Hopefully this helps someone else out there!! Good luck and happy ripping!