Brett, if you have a large USB (16GB) flash drive handy you can install the play disc on to that. I kind of need a new drive anyway, so I think I might snag one, use it as a dedicated GTA V drive until I finish with the game, and then put it into normal service. You can still install it on your Xbox hard disc if you really want but there will be a performance trade-off since you are sacrificing the bandwidth of your DVD drive.
Thanks. I have a 16 gig flash drive lying around that I like to keep handy for back ups. I'll try using that for GTA V until I eventually get bored with the game.