Premiere can't export straight from the video to VCD, you need to export it to .mpg file, then use EZCD creator to convert your MPG to vcd. All you have to do in EZCD is to select you mpg file then it will make a vcd for you.
Microsoft DV is for DV. you know those mini DV? for DV cam? be sure that the Aspect Ratio is 1.0 not 0.9. 0.9 will do a little stretch to your render. Frame Rate: well, than it is very up to you. 29f/sec is standart for VHS. 24f/sec is for standard film.
Set export timeline to movie. make it as a mpg first. however, i am not sure does Premeier has the codec for mpg1. for sure that MS DV isn't the one. you may need to look for a codec. or make it as AVI first , and convert it to mpg.
I just checked EZCD creator and try to dump a mpg file in. it doesn't allow me to do so. since it said it is not going to work on a VCD. I need to get a MPEG encoder that support VCD encoding. (well how do i find one damn it). If you found one, plz tell us. We all want to share.