Not really going to save you any battery life. It's only active when you insert a CD/DVD disk. The little drain in standby is so little it's not going to help.
If battery life is an issue I would check your systems battery, do you need a new battery? Then look at what apps are running which could be chewing CPU cycles. Of course review your systems settings
Next things I would look into is getting an external battery pack and you might think about changing out your HD for a SSD but that may not be practical.