I'd use mpeg-1 if your player can support it at 528x480 (or try 544x480 if that doesn't work) for NTSC (29.97 fps). As kwag has pointed out to me in the past, at the lower average bitrates we tend to use it will look better. You could even encode to the higher 704x480 resolution for better quality but higher file size.
On the other hand if you don't mind only having 30 minutes on each CD, mpeg-2 at high bitrates might look better.
Best thing to do is experiment, burn tests on CD-RW, and start to have fun...