You definitely can use a .bat to launch you can probably just set up an additional app for that game in Launchbox and have daemon tools launch the game very easily To use the additional app go into edit and then the additional app tab.
In the first text box you will put what you want to name your additonal app
in the second text box you will put your path to the disk mounting software (I don't know how to do it with the built in disc mounting but a 3rd party like Daemon Tools should work)
In the third line you have to type -mount dt, 0, "Path to the ISO in quotes"
Then check the before check box.