This is what we did that successfully worked under Windows 7 64bit (it should work under Windows 8.1 as well):
Secure Lockdown - Master Application Tab:PATH: C:\Program Files (x86)\CyberLink\PowerDVD14\PowerDVD.exe
ARGUMENTS: AUTOPLAY BD G:\
START IN: C:\Program Files (x86)\CyberLink\PowerDVD14\
Keep Running = enabled
Secure Lockdown - System Lockdown/Local Level Tab:No Logoff = disabled
No Local Drives - disabled
No Auto Play = enabled
No System Keys = Enabled
No Desktop = disabled
Note that you must install an iso file mounting app such as SlySoft Virtual Clone and then mount the file to a virtual drive (in this example to the "G" drive). The iso file must be located in a drive other than "C:\" (like the "M:\" drive you created.
With the above settings, if you close PowerDVD, it will open and replay the movie as you needed. You can find additional PowerDVD command line parameters (arguments)
here.