Yes. The game looks for a CD with the appropriate name and plays the cutscene videos from the expected path, so that is all you need. I tested that with a CD-RW disk shortly after the DVD version of the game was released, and someone installed the CD version patch not realizing the DVD was already updated, so the game started asking for the Play CD. They ended up downloading something from somewhere, though I have no idea how that was easier than simply uninstalling the game to get rid of the patch and then reinstalling it from the DVD.
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