The NoDVD for version 1.0 works fine with the updated game. It's available at GCW under the "T" category of the Game Index.
The file is called MATRIX3W32S.EXE and you just stick it in the install folder. Run this new exe instead of the original and the game will run with no problems. You won't need images or protection hiders any longer. You don't even need to rename the original exe or anything.
Just remember to change your desktop shortcut (and/or start menu shortcut) to point to the new exe.
Hope that helps ya!