Properly stored, I doubt that buying film from Michael's is any more risky than from B&H, assuming a chain like Michael's ever took on such a project. New films are stored inside of plastic bags which are tightly wrapped around the film; and then double-boxed. Michael's has the financial wherewithal to provide refrigerators for film stock and paper, should they pursue the idea.
I, for one, and very enthusiastic about J&C's idea. I only recently discovered their company and fully intent to purchase my film from them in the future. I'll be among the first to try any new formulations they manufacture.