If you want this to work in a DVD player, you need a DVD-R disk, not CD-R.
The 500MB MP4 will be transcoded to MPEG-2 to conform to DVD player standards, and will never fit on a CD-R. Indeed, it might not fit on a single-sided DVD-R -- you might need a dual-layer DVD-DL. Since we don't know the nature of the content, impossible to say.
First, check that your burner supports DVD-Rs and DVD-R DL. Next, check to see if the Burn software will do the job (I don't know if it supports DL, otherwise it should be fine). Third, be sure you have MANY MANY GIGS of free space on your boot drive and a LOT of time to wait for the transcoding to happen.