in your situation, svcd is probably the best bet. you will need to convert to svcd format first. tmpgec works the best for me
http://www.tmpgenc.net/ and i've done alot (hundreds, at least). you can find it all over the net with a serial if you look hard. use this page for step by step directions.
http://www.videohelp.com/tmpgenc.htm instead of vcd use svcd, the settings are all the same. now, you can only get shortly under 50 minutes on an svcd and others claim you shouldn't go over 35 for maximum quality. close to 50 seems to work for me. so as you see some movies require 4 disks or more. it don't matter about mb's on svcd files. its the time that counts. you can put more than 700 mb on a disk as long as its under the minutes. after you have the files converted and ready to burn, use cdr's and your favorite burner program. i use nero. just remember that svcd's are not data files and are not audio files. they will be called something like svcd, super video or video cd, something like that. different programs call it different things. if you do want to try vcd instead of svcd, the quality may not be quite as good, but vcd's hold 80 minutes.
now, about playing them buggers, it is iffy at best. some players only play vcd. some players only play svcd. some players play both. some players play neither. then, some players don't like some or any cdr blanks. it's just a crap shoot getting them to play. so if you make one and it doesn't work, don't assume you did something wrong. try it in some other players before declaring failure. good luck.