While it is possible to jump from the Editor straight to the burning module, a lot of us here prefer to take a step by step approach. So I personally would suggest that you do as you suggest. Finish editing your project then convert it to a DVD-compatible mpeg-2 file first: Share > Create Video File > DVD.
Since your project is only a short one, you say, you can accept the default Video Studio properties inherent in this choice. It will use, for instance, a bitrate of 8000 kbps, and this is a high quality setting which will allow you to burn a project up to an hour in length to a single layer DVD. If you project is longer, then you have to lower the bitrate to compensate. 6000 kbps will allow about 90 minutes per disc, and 4000 kbps about 2 hours. You can also burn a few minutes more video per disc by using one of the more compressed audio formats like Dolby or mpeg layer 2. Note, however, that the lower the bitrate, the lower the quality. However you will still get good quality using 6000 kbps and reasonable quality with 4000 kbps.
Note also that after you produce your new mpeg-2, you go to File > New Project. Don't worry about giving your new project a name. The objective is just to clear the timeline of your current project.
Once that is done, you select Share > Create Disc > DVD. The burning module will open. Use the Add Media button at the top to insert your new mpeg-2 in the burning timeline. Then go to the middle of the three icons in the bottom left of the burning screen. There is a little box beside the words 'Do not convert compliant mpeg files'. Make sure that box is ticked (it usually is by default). That way, your already compliant mpeg file will not be re-encoded. Then build your menus and burn.
As you surmise, first converting your project to an mpeg-2 will allow you to check it out on a software media player to see everything is OK. It also means that, for people with less powerful computers, you are not requiring the computer to both convert AND multiplex AND burn a project all on the fly in one step in the burning module. You have made the demanding conversion phase a separate operation, and if it could talk, your computer would probably thank you!!
Some of us go even one step further in the burn process. Instead of actually burning a disc as the last step in Video Studio, we choose instead, in my case, to create a DVD Folder. This is in fact a Video_TS folder exactly the same as on a burned DVD. But you can play it back in a software DVD player and check everything, including all the menu, looks good and works well. Then when you are satisfied, you can use another program like Nero or the Roxio suite to burn the folder to an actual DVD. Other people choose to burn a disc image (.ISO) file which is similar but more difficult to play back in a software DVD player.
As for burning speeds, there are differing views on that. Some people seem to have no difficulty burning at the highest rated speed for a particular blank DVD. However, quite a few of us more conservative types adopt a 'slow and stead wins the race' attitude and we generally recommend burning at a (much) lower speed than the top rated speed for a particular disc.
I personally use mainly 12x or 8x rated blanks because I happen to like this particular brand. And I never, repeat never, burn a video DVD at higher than 4x. If a disc is rated at higher speeds than that, you usually can't get down as low as 4x for them, but you can instead use one of their lower speeds that you *can* access. So, for instance, if your are using an 18x or 20x disc, then burn at, say, 8x. The idea underlying it is that, even though we are talking in milliseconds here, the slower burning speed allows the laser to embed the signal a little more firmly in the disc. That in turn means that a wider variety of reading lasers have a better chance of reading the firmer signal with fewer or no errors...
And just remember: a disc burned at higher speeds might play in your DVD player, but may not in those of your family or friends. This can also be due to other factors such as the brand of disc used or even the colour of the dye on it (I'm not kidding!
). But a lower burning speed -- at least in my experience -- is one way of widening the options in your favour!