Possible yes, nice quality no. Because of the limited space on a dvd (4.5 g) you can't get both.
Choose export / burn to disc / DVD 4.5g / pal or ntsc widescreen (appropiate to your project) and for quality enable the option 'fit to space'
You can choose a direct burn or if you have a separate burn software you can better choose for burn to map (4.7gb)
I suspect that there is a typing error in the description of what you seek.
I'm trying to fit the video on a 2 hr, 4.5 GB DVD. Is this possible?
I think that you meant to type DVD disc spec'd for 8.5 GB/240 minutes (2 hours). That 8.5 GB is in reality 7.95 GB.
Your source file is 17.5 GB, but see what the burn dialog's Quality Area shows for Space Required and Bitrate (with a check mark
next to "Fit Content to Available Space"). As long as the Space Required is accompanied by a Bitrate = 8.00 Mbps under those conditions, looks like that will work for you.
As example ...DVD disc 8.5 GB/240 minutes. MPEG2.mpg about 12 GB and 1 1/2 hour, in the burn dialog Quality Area showed Space Required 6.4 GB Bitrate 8.00 Mbps and was good to go with the real disc capacity = 7.95 GB.
As example...DVD disc 4.7 GB/120 minutes. That 4.7 GB is in reality 4.38 GB. Same MPEG2.mpg, in the burn dialog Quality Area showed Space Required 4.38 GB Bitrate 5.47 Mbps. Although Status = Ready, you can see that the program has lowered the Bitrate from the max 8.00 Mbps to 5.47 Mbps. Lower the Bitrate, lower the quality.
Please review. We will be watching for your follow up details.