No.
VCD/SVCD have a usable sector size of 2.324 bytes (data cd 2.048 byte).
The calculation goes as follows:
80er CD-R: 79:59 min = 4799 sec
4799 x 75 x 2324 / 1024 / 1024 = 797,7 MB in SVCD format
4799 x 75 x 2048 / 1024 / 1024 = 703 MB in DataCD format
or in short (calculator friendly
):
time in seconds x 0,1662 = capacity in MB for SVCD/VCD
time in seconds x 0,14648 = capacity in MB for DataCD
Speaking here of capacity
without overburning.
Also think of additional data which is required for svcd (around 8 MB for safety).
As a result you have to cut your mpg to 790 MB for a non-overburned svcd.