While this is certainly viable, it won’t allow you to play more than one song consecutively. This is a live concert after all, which needs to be experienced in full and without interruption, IMHO. Turning it into a collection of single songs is not desirable.
Personally, I treat concerts the exact same as movies when preparing them for Plex.
For skipping to a particular song, I make sure to transfer the chapter markers off the disc into the ripped file.
Makemkv allows you to do this.
Using MKVtoolnix, you then can rename those chapter markers and change the generic “Chapter 1” to the actual song title.
All Plex clients allow jumping to a particular chapter.
The only con of this approach is that you cannot add single songs to a mixed playlist.
You may find this and the links in there of interest: Concerts
