Ok, since you're talking about cutting the security ring off a disc, why not aproach it slightly differently.
If you cut the ring off one disc, then thats great - you can have a single security coded iso, but you've sacrificed another game to do so. If, however, you also cut off the exact same area from your CDR's, so that they are slightly smaller than normal CDR's, you could mount the security strip on some kind of dummy disc, and sit that on top of the smaller CDR.
It's just idle fantasy, true, and the technical challenges are probably too great, but it's food for thought 😉