Well, no response from the retailer today so I thought I'd try boiling the disc - and it worked! =)
Some notes in case anyone needs to do this. I heated up a pot of water until it was boiling then removed it from the element. Using tongs I grabbed the disc from each side and dunked it in for 10 seconds, twice, making sure not to touch the sides or bottom of the pot (which can warp the disc apparently). I took it out and wiped it down with a tissue, wiping from the center to the outside (not in a circular motion).
There was no residue to wipe off which I have seen mentioned on other forums. In fact, it looked exactly the same as it did before. Anyway, I noticed the difference as soon as I popped the disc in. It sounded normal while spinning (before it was really quiet) and load times are the same as the other discs. And the main point - no disc read errors! Have played about 20 mins and it is loading perfectly.
Finally I have thrown out the cursed paper sleeve. The fourth disc can *just* fit on the same peg as the other three discs. Hope this helps anyone else with the same problem.
PSwii60 FTW.
http://www.gamefaqs.com/features/mygames/index.html?user=n00b1337