That's disappointing... I wonder if you can install from the disc, then disable internet access; duplicate the install folder, update as it demands, then disable updates, and swap out the game folders. Lot of work. 

Nope. The install on the game disk is actually missing about 200 MB of files that you must get from steam. Looks to be intentional. So when you connect to steam to get those files, it grabs the updates as well.