Yes, if you are in the UK it is PAL.
When I use to use fcp 7 I simply exported the sequence as is, I just went to file, export, (or cmd E) Then, once exported, convert that file. I would use a DVD burner like DVD Pro, that would compress the file to the correct size. It is very simple like this, but can take a while. I am sure someone on this forum can advise a quicker way.
Most important tho is to try not to panic. When I starting cutting, deadlines used to freak me out, very stressful. But there is always a way around a problem.
Anything over an hour will take a while to export.
Cheers,
Dan.