Burning songs to a virtual CD
No music formatted CD can hold 1.5 GB. I suspect most virtual CD software will deliberately limit the maximum contents size to 800 MB to mimic real CD limits.

Have you considered using a script to extract the information from the filename and set the results as metadata?

Manage MP3 ID3 tag information from the command line discusses a suitable command line tool available.

iTunes supports AppleScript and the Doug Scripts web site appears to have a good selection of example scripts.