Well you can shut the PDM off and put it in your checked luggage. Right? It'll still give your basal insulin w/o being on. You just won't be able to eat the in flight meal,right? That's what I'd do.
And what would you do if you had an occlusion during the flight, or the pod hit it's expiration alarm time? I think you'd get a lot more hassle trying to explain the alarm beeping that you can't turn off without the PDM.
I had this happen to me on a flight to europe this past summer. I went to the back and asked the attendent if I could use the table that was there. I explained what had happened and they had no problem at all. On our return trip to the states on our final approach I was looking at the PDM and and the attendant asked me to shut offf my blackberry. I told him what it was and he went on his merry way.
I definitely don't think that's a good idea! Luggage gets lost pretty frequently and you should never check something so important. It could end up being much longer than just the flight without your PDM.