There are other reasons that you must vent besides CO2 and heat, namely humidity control...AAlso it is not quite that simple, if you are bringing air in from an A/C, then a similar amount of air is going to be looking to escape from your sealed area because of the pressure, so what that means is that with no venting system it will actually be a lot harder to control the odor, as it will seep out where ever it can instead of being directed by an exhaust fan.
IMHO, even with CO2, you need to have some sort of exhaust system to vent the stale air from the growroom. Most growers just set up there exhaust and Co2 on different timers.
While CO2 is wonderful as it lets your plants absorb more light, nutes and water, it is IMHO, very over rated by novice growers looking to improve on their first couple of grows. It is far more important to try and master the art of controlling the indoor environment, and then move on to mastering maximizing your availible space. Around this time you will start to hit your learning curve and start seeing very consistant results. This is the time I would say to introduce CO2 augmentation. To use cO2 effectively you must be the master of your environment, and your space must be maximized, or you are throwing money down the drain everytime you fill up your tank