I'm actually looking into something similar to this currently.
My plan is to use MicroSD cards and the SD adapters that come with them to make the equivalent of game cartridges for my GoG library. I'm planning to put the offline installers, DLC, and any bonus content etc on one and make up some art for a case.
Obviously the performance isn't outstanding but it's more for display and archiving in a standard format that I can trust won't change too much over the years (unlike USB drives where I'd have to commit to a specific vendor to keep the same physical format). When I want to play a game, I'll install it from the MicroSD to my PC and put it back on the shelf.
People have mentioned that older games take up basically no space so there is some waste but with the cost of 4 or 8Gb MicroSD cards being so low it's not something I am too bothered about. If it comes to it I can always put multiple games on one card and make "Complete Edition" or "The XYZ Series" art for the case.
Anyway, good luck with your project!