Sounds like you should have done more homework before buying satellite gear. The only RJ45 port on the HN7000S (what you're calling a modem) connects by Ethernet cable to WAN port on your router. All other other network devices obviously connected either through wired LAN ports - or wirelessly. So there will be no direct connection between the BluRay player and the HN7000S. I have no idea how your BluRay initiates a connection with NetFlix, nor do I know how the video is stored or buffered.
Throughput (download) speeds are not an issue, they're plenty fast for video. But what you clearly have not considered, is the HughesNet FAP restrictions. How big of a file does a full length NetFlix film represent? Let's say 2 GB. Well - depending upon which monthly plan you buy - you're only permitted to download between 200 and 500 MB in any rolling 24 hour period. The only exception is 0200-0700 (Eastern), when unlimited downloading is permitted.
I doubt you want to limit your movie watching time to 0200-0700. So if you want to record from NetFlix during those hours, you'll need download management software - and a sizeable hard drive to store the video data for later viewing. Short of that, it probably makes sense to cancel the NetFlix subscription and just go to the video store.
Welcome to the wonderful world of satellite internet.
//greg//