smaller bit rate = smaller file size = lower quality
So you can fit much more than ~80 mins on the CD. The 80min guide is at CD quality, which is a lot higher bit rate, thus bigger file size meaning less fits onto one CD.
Therefore, you can put as many mp3s on there as you like (until all 700mb is used up)
But if your CD player doesn't support mp3s it won't work and isn't worth the hassle
I suggest getting a CD player which supports mp3s or buying an mp3 player. (eg - iPod, or similar)