It can be done, yeah. It was simple on my machine, can't speak for everyone tho.
I was running it like this:
Install the game (vanilla), and then find all the very large files on each disk, in the folder "Data" and put them in a folder "Data" in your Riven directory.
Find the main Riven executable and flick on compatibility for '95.
And you're away, and you dont have to change the disks between islands.
www.mystworlds.com is bound to have more information if that doesnt work. Luck.