Hi Walt!!
My process for creating DVDs is the same as what you described below...
I edit/save a Videowave project file,
exit VW,
launch MyDVD and add the VW project file,
create a menu,
burn the DVD project to an ISO file and
then, after closing all programs, I burn the ISO file to a DVD.
When I made my last successful DVD - without having to export to mpeg2 - I was able to edit the Videowave project file while in the middle of the MyDVD menu creation. I clicked "edit movie," it brought me to VW and I was able to edit, then I clicked the "back to MyDVD" button and I finished menu creation. I then burned to an ISO file, closed out all the programs and burned the ISO file to a DVD disc. I assumed since it was an option to edit the movie in VW while in MyDVD, it was OK to do so. Perhaps it's not?
Since this is my first time with DVD creation, I didn't know that it is an excrutiatingly long process.

To me, if an hour-long file takes twice as long to burn to ISO and then another half-hour to burn to DVD, that's taking forever. (Especially since it takes an hour for the program to save to the computer in the first place! That's 3.5 hours for a 60-minute DVD.) Then, to have a 90-minute file burn to ISO and a DVD in a half-hour, that appears to move too quickly based on prior experience. I'll be sure to note times in the future so I can be more specific.
Thanks for all your help!!
I usually do not export to mpeg2 in Videowave but instead just save my Videowave project file( has the dmsm extension). I then exit Videowave, launch myDVD and add the VW project file. Then I set up my menus and then burn to an iso file. Then i burn the iso file to a DVD using ImgBurn.
45 minutes for creating the mpeg2 file is actually quite fast. What is the source of the video files you are using?
BTW, it would help if don't use general terms like "took forever" or "Moving too quickly" - they really don't mean anything. Be specific when refering to time.
"In fact, I just edited the Videowave file while I was creating the DVD in MyDVD. "I hope that you are not actually burning the DVD while editing in VW. That is really asking for trouble. When you burn a DVD, you should really not be running any applications at all.
Are your burning the DVD as you are creating the iso file? This should really be two separate tasks.