Hi Patrick and readers,
Most definitely install a lightning arrestor but it must meet NEC specifications. That means run the coax down as close to the ground as practical and put the arrestor there, then run it to where it must go. Use a minimum of 6AWG solid copper wire bare or insulated doesn't matter, run in as straight a line as possible without sharp bends or kinks to the earthing rod and use the approved bronze connector. The rod must be 2' from the foundation wall and may be entirely buried so nobody trips over it or the wire or lawn mower blades go flying.
Note; Do NOT use aluminium "antenna grounding wire" because it corrodes, stiffens and deteriorates in just a few years and becomes useless. I removed a ham antenna grounded with it for a widow and the wire fell to pieces in my hands. It doesn't meet Code for that reason, labeling it with the word "antenna" is a loophole in the law.
"I've read here that many think a lightning arrestor not worth it, as they usually just burn out, anyway."
If it doesn't burn out it hasn't done it's job, that's why arc plugs are replaceable.
"I guess my main question is, would it be dangerous to simply unplug the coax when not in use?"
Yes, without diversion to ground lightning will arc and find ground inside the house and you know what THAT means. Never trust the ground 100% which means >also< disconnecting the coax breaks an alternate path to ground through your equipment and the house wiring, maybe even YOU.
"Now, could I use a coax ground block, instead of a lightning arrester?"
The Code only requires the coax shield to be grounded, CATV service drops are grounded this way. Six of one, half dozen of the other, it's all the same to a one legged duck.