HotRod, you can do what you're asking with DVDShrink. Im not sure on the exact layout of the interface for it, but it should have a checkbox option that is labeled 'remove region encoding' or something like that (thats what i remember seeing). You may be able to set it to a specific region but whats the point of that really? If you remove the region encoding it wont matter what region the player is it will still play, the only issue then would be PAL vs NTSC.
-Darth Simon