Mm, that does sound far too long Rake, I'm not familiar with Prem Pro CS2, but are you sure it supports your workflow? I know that Prem Pro is on CS5 now, so maybe back then they weren't geared up to accept high quality h.264s.
Are you sending the project to a compression program or are you trying to export straight from CS2 to DVD? If you explain your workflow in detail then I'm sure you'll get more help.
In answer to your question, no you can't burn full HD onto a normal DVD as normal DVDs have a 4.7 gb limit and will display at 720x576 which is standard def, you'll need to burn to a blueray, but I'm fairly sure that you won't be able to do that from CS2 as I don't think blue rays were around way back then .
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