So this 699mb set of tracks should have burned to a single cd.
I do disc duplication at work as one of my primary job responsibilities. Pushing right up to the limit of the disc capacity is
most certainly not recommended if you care about the disc being read by a variety of readers.
I generally always like to use no more than 660 MB on a 700 MB disc. Above that and many readers will start failing to read due to errors written at the outer edges of the disc (or you need to greatly reduce your burn speed). With high-quality, inkjet printable, DVD-R media running about $0.27 ea. there's little reason not to just use another disc (or compressing that media a tiny bit more) instead of pushing it.
Of course, if you only want to read the disc on the drive that burned it, go ahead and overburn! Just don't expect to send that disc to your buddy and have it work flawlessly.