You're asking for 2 different things:
1) You should be able to burn a DATA Blu-ray disc without the BD plug-in. This will not be a video disc, but just a data disc with your original m4v file on it. Since you mentioned your player will play files like this, it should work. If it were me, I'd test it first before wasting a disc. Either put the file on a USB thumb drive and try playing it from that (if you Blu-ray player has a USB port), or invest in some rewritable BD-RE discs.
2) Without the BD plug-in, you won't be able to make (author) a working Blu-ray video disc in Toast. It's not as simple putting the m4v file inside BDMV/STREAM folders. However, you could run that file through TSMuxerGUI, (freeware), which will remux your m4v file into a working BDMV folder, that, when burned to a UDF disc, should result in a playable video Blu-ray disc. This is assuming that the contents of your m4v fall within the Blu-ray spec for video & audio formats. Again, I would test on rewritable media first.
A couple of other things to watch out for:
- If your m4v is something purchased from iTunes, it will have probably have DRM copy-protection on it, which won't allow it to work, either as playing the file or making a working video disc from it. You'd need to strip the DRM from the file first, which is a whole 'nother thread.
- If your file contains video in the PAL format (25 frames per second), TSmuxerGUI won't help you make anything except for a PAL video disc. If your NTSC (24 or 30 fps) Blu-ray player doesn't play PAL discs, then it won't work. Most NTSC Blu-ray player won't play PAL movie discs, but may play PAL video files.
Hope this helps!