Yup, the bad news is...
that region encoding is done by the drive hardware, not by the application. In other words, you need to wait for someone to patch the drive firmware for your specific drive.
To be able to patch the drive, the patcher is going to need a firmware update so that he can get his hands on an image of the code. This can take some time, depending on how many bugs there were in the original firmware (ie if the manufacturer doesn't feel a need to correct any bugs, they don't realease a firmware update).
The patcher then needs to reverse engineer the code, find the bit that does the region encoding check, and modify the code so that the check isn't done. This check can be performed in multiple places in the code (precisely to make the patcher's life difficult), and finding/patching all of them takes time.
Basically the best thing you can do is search for your drive model number on Google, and see if anyone has done a patch....