As far as I understand it - you're in a pretty nasty situation.
The absolute bottom line is that if you want any level of security, you're going to want to encrypt the network. Pick a simple key if you want, but it's going to have to be encrypted.
Changing the SSID and hiding the broadcast is an option, but I personally consider it to be a very poor form of security - any idiot with Ethereal can sit and sniff out the network as soon as someone uses it. Same thing with MAC Filtering - any idiot with Etheral will be able to build up a list of MACs that the router allows and will end up being able to change his NIC's MAC address to let him/her use it. Plus - MAC filtering is even more painful to deal with than a simple password!
Bottom Line: putting up a simple WPA preshared key will offer you the most bang for your effort. If you do SSID hiding, you'll have to tell them what the SSID is *anyway*, so why not just give them a short 6-8 char. password at the beginning of the meeting? You could change it every once in a while and keep the router shutdown when not in use (if you're paranoid like me.) But really, when you get down to it, if your clients support WPA (That usually means Windows 2000 or better - I'm not too sure on the Macintosh side) you should probably just go ahead and go with that.