Yes, blu ray will work with any form of HD, as long as they have the appropriate connections such as HDMI which is an industry standard for HD equipment. It will work, but as you say just not as good as a 1080p, the only difference being is that the detail will remain the same but the image will...
I would recommend reformatting it, not to a different format, to the same it is already in, but just to make sure all traces of the files have gone. I would also recommend copying files either from the usb cable direct to the phone, or from a different computer