The CreateACA tool shipped with iHDSim does not do any obfuscation; an ACA is simply an archive file like a ZIP file (but without the compression). If you opened it up in a binary editor, you would see all the raw text after some header information. If you have the HD DVD spec, it would be fairly trivial to write a de-ACA program.
If you have an AACS-protected disc, then you have the option of encrypting the script code (both inside and outside of ACAs).
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