Delink Pages 1.1 by Jennifer Stuart is now available.
There were some issues with first release of the plugin. Jennifer addressed them all in this new release... and more.
Now you can strip page link entirely ( by creating custom field delink with value true ) or replace it with <a href="#">page title</a> ( by creating custom field delink with value href ).
Important: be aware that first option ( stripping ) might mess up navigation menu on some themes ( horizontal list of parent pages with vertical submenus of child pages ). If this is your case, you can still use second option ( link to "#" ) safely.