It would be a sufficient balancing. Looking at the anti-circumvention provisions themselves, I think it's useful. Is it sufficient? Probably not.
If you take a look at the legislation, there are ample, specific exemptions for libraries, archives, museums. These are institutions. They are not piracy sites. These are organizations that operate in the public interest, by definition, and they rely on fair dealing, but they also have other exemptions built into the act that benefit them to deal with their specific issues.
Why should those be stripped away in the digital context, merely because the content is distributed on a DVD with regional coding?