Generally, you don't burn audio CD's onto CD-RW's because the CD players don't recognise them (from my experience anyway). Its the same with PSX discs, and data discs. Only re-writers can read them.
I got my 8 X 4X 24 Yamaha CRW8424 with Toast for $810 in Australia.
Cut that in half and you almost get the US price, so about $400.
I wouldn't go for anything less than a 4 X 4 X 24 frive at the moment.
Burning a 74 min audio CD at 8 X should take only a few minutes, but I normally do them a 4 X which takes about 15 mins.
2 X should take about 25 mins or more.
Cipher13