yes, that would work..
The copy protection is contained in the .m4p format itself,
so if you burned it to a normal audio cd, and then re-ripped it back to mp3 (or unprotected aac!) you could copy it as many times as you wished...
it's just slightly more time consuming
But if you buy a cd-rw and have a fast cd-burner it's probably not that much of a hassle!