4700 MB exceeds the capacity of the SL disc.
For +R the actual, physical size tops out at 4482 MB (4.378 G) and
for -R about 4489 MB (4.384 GB).
Most of us (old timers anyway) fix the max write size to 4472 MB and this, only with top shelf media like Taiyo Yuden and some Verbs.
To echo signals, I too, think you will be very pleased with Fab's output and have never noted a quality loss since "leaving" shrink.
I still have it on my systems....hardly ever use it anymore, but it's like a old friend.
Personally, I'm not burning much anymore as I view most of my stuff off my hdds via my media player.
If you're compressing a lot, I'd look for the sales on Verbatim DL +R (MIS).
Again, most of us don't compress much below about 80%...give or take, depending (Yes, it's a bit arbitrary...;))
Best to judge for yourself as you are about to do.