You should do it. And I have kinda... I got given Morrowind by my step brother. After a while that disc got scratched by my little brother, so I bought it again. Then, in cash converters, I saw the GOTY edition for $20, so I was getting the two expansions for $20, plus a back up copy of the disc, so I bought that. Now I can't find any of them... may have to get it off Steam, hopefully it'll be on sale this weekend.
Also, I don't know if you were asking for advice, but you should buy it again lol. It's super cheap, and you never have to worry about losing the disc again.