Yes, SFV files are used for verification. It is basically just a text file containing filenames and CRC-32 hashes, e.g.:

VIDEO_TS.IFO D365D6F9
VIDEO_TS.VOB 7840CE50
VIDEO_TS.BUP D365D6F9
VTS_01_0.IFO 59EED0CF
VTS_01_0.VOB 380E1F72
VTS_01_1.VOB 0DCBD3BD
etc...

I don't think it's too contentious, but then again the MPAA lawyers would probably disagree. Sites that provide hash signatures (albeit more complicated than simple CRC32 hashes) that can be used to identify files on P2P networks have been shut down before now.

So probably best to play safe and leave this kind of thing alone.