I've never used a PT10 installer disk. I just download the latest version from Avid's DUC and install that. It's basically PT10HD, and depending on your iLok license, it will just unlock the features of the license that you own.
As far as the iLok license, if it's the only license in his account, and he's willing to give the iLok account to you, you can simply log in with his user name/password and change the profile to your name, e-mail address, DOB and change the password and security question. You can change everything except the actual username login.
If he wants to keep his iLok account, then as mentioned, spend the extra $25 to transfer the license so you will be able to upgrade to v. 11 when released.