If you want the legal answer, if I'm not mistaken, the disc is GPLv2'd, which means that you would be able to freely make a derived CD, so long as the derived CD is also GPLv2'd (or a compatible license), that all notices regarding licensing and warranties are kept intact, and that any changes are documented with dates in some form or fashion. The legal print is here: http://www.fsf.org/licensing/licenses/info/GPLv2.html
I wouldn't think Chris would mind individuals making derived copies... you were given that right when he licensed it as GPLv2.
On another note... now that I think of it, it could be necessary to make yet another change to that convoluted shell script to note on the CD that VLC was removed in the created derived copy... that could be accomplished, I suppose, by just copying the patch into the CD Tree after applying it...