Have you went to the options menu in Alcohol? I don't think that option shows up when ur just going through the menus to copy a CD.
When you start Alcohol, go to File menu. Then click on options, click "data type setting". Where it says disc type, click the drop down menu and select the profile youre going to use. Click on the "recording options" tab, and there you find the bypass efm option.
This is for 1.4.8 anyway, I don't know about 1.9.2. But I dont think they changed much at all in this new version, so I haven't even tried the new one.
If you've already looked there, then I don't know why that option wouldn't be there, maybe someone else could help you there.