MPEG file to big for VCD, help

[nuhnya]

I´ve got an MPEG file which is 728MB. In VCD format the file is 65 minutes.

Will I lose quality if making an VCD and then put GypPlay on the CD?

Or is cutting the MPEG the way to go?

Is the Dreamcast any good as a VCD player, quality wise?

I´m a newbie in VCD and don´t have a DVD that allows me comparing the quality.

Thanks