Yes and No!
Yes the update removes the CDCheck and No there is not a conversion posted for it yet.
But, Quake 4 has an MSI file!
So you can try this, burn to a DVD-RW first though!
Copy each to CD to a Temp folder on your hardrive.
Start with the last CD (I think it has 3CD's so do CD3 first).
Then copy CD2 to the same temp folder, overwriting any files if prompted.
Then copy CD1 to the same temp folder, again overwrite any files if prompted.
Then using orca, edit the MSI file and change all the 'Volume Label' column to 'Quake4'.
NOTE: It is not necassary to change the 'Disk Prompt' column!!
Copy any patches (Updates) and NoCD's exe and your serial to the DVD as well.
Then burn the DVD to a DVD-RW using the Label Quake4.
Please let me know if this works!
Good luck, Grumpy