Even though they haven't taken the code out of their computers yet - the conditions of the discount say you need to present a valid Disney Club card at the time of the rental - and since there is no such thing anymore - you would have to pay the full amount of the rental without the discount.
Of course, they may not ask for the card, but they might. Your choice if it is worth the risk - I would just log onto mousesavers.com to see what other discount codes are out there now - the priceless vacations one gives pretty good discounts.