The big problem with this is that you want to take a lossy media, MP3, which was itself created from a lossless media, WAV, and turn it backwards. You won't get "CD quality" out of this, but you may get "CD sized files" out of this.
A CD holds, typically, 70 minutes of music in its format. The process of taking your MP3 files and putting them "back on CD" will give you sub-par quality, but may not actually give you more than 70 minutes of audio per CD. Whereas in MP3 format, you might have 700 minutes of audio on a CD.