Hi m8
I did manage to shrink a dvd file down to less than 700 mb and then burn it to a cd using dvd shrink - it also recognised the "cd" as a dvd in my standalone player. Obviously you lose a little quality with so much compression though!! and you might have to shrink the file a few times to get it down to less than 700mb especially if it is a dvd9 you are shrinking !!
But it works great on copies that have been encoded to about 2g.
Hope this helps!!