Indeed, one of the principal functions of Daemon Tools (no "s") is circumventing copy protection checks, though I've never had the need to poke at it myself. I think you might have to use Daemon Tools' own internal CD-ripping functionality to make a suitable image. Really, in cases where something like that is necessary, it might be easier just to download a noCD crack of some sort.
I have also made such images many times. The only catch is that the image generally has to be made in BIN/CUE format. ImgBurn is very reliable for making the appropriate images.There is only one thing I never could find a workaround for, and that's CD-ROM games that have music stored as actual tracks on the CD. If I could find a way to mount those and still get the music, I'd never need a CD-ROM ever again.