The other thing is that it sounds like a lot of privacy minded people can't trust BitLocker despite any number of assurances from MS or code reviews by third parties. AND THAT'S OK. Use something else.
EDIT: I forgot to mention that if you are an admin or just operate your own AD installation you can store the key in Active Directory. The behavior is version specific, I think.
EDIT EDIT: I believe that the TOS you are talking about is specifically referring to online services. I don't have time to stop and read it right now, but I think that you are misconstruing the intent.