Hi Catherine,
I can't speak to whether there are legal issues with using the contributions area for something that isn't a contribution. But that aside, it seems logical to use the membership module to manage this. It looks to me like it is a time-bound annual membership, which is what that module is for. You'll get access to reporting in both Tessitura and T-Stats that will help you look after renewals and understand buying patterns.
If you have more specific questions, feel free to email me at bvarro@smm.org and I'll see if I can help out!
Beth