Yes, the CDROM will still work, but you have to mount it manually. For example:
mount -t iso9660 /dev/rdsk/dks0d7vol /CDROM
(See man mount).
Another solution could be to use the configuration file /etc/config/mediad.config. There is a command to ignore devices. Example of this file:
# ignore a tape device completely.
ignore device /dev/rmt/tps0d6
(man mediad for more information).