Yes, I rip the BR then find the .m2ts file that contains the movie in the STREAM folder, then use tsmuxer to demux that into its .264 and .ac3/.dts streams. I then import the .264 file directly into my Premiere project; what I do with the audio varies greatly depending on the project/source format.
VC1 isn’t too popular anymore as far as I can tell. Nothing I’ve attempted to work with has started out as VC1, at any rate.