I can confirm this: VCD NTSC is the only Render format template listed under Burn Video CD. Also, if one chooses instead to 'Use an existing file' and that file is PAL VCD-compliant, Vegas reports '[Filename].mpg is not a VCD-compliant MPEG. Would you like to create the CD anyway?'.

An additional frustration is that, if one is logged on as a Limited user, no disc is detected at this stage anyway, but this is presumably part of the more general drive detection problems (no drives are listed in the Extract Audio from CD dialog in either Vegas or Sound Forge 5.0e if the user has Limited permissions).

Is there a known way around these obstacles or is it a matter of waiting to see what the promised update brings?

Vegas Video 3.0
Windows XP Professional
Plextor PlexWriter 24/10/40 A