yes it should work ok, A DVD+rw can even be formated and used liek a 4.XGhdd...
dvd+rw-tools are on knoppix so... here is more info.
http://fy.chalmers.se/~appro/linux/DVD+RW/
btw dvd+rw-tols work on dvd+r dvd-r and dvd-rw aswell. but only dvd+rw is possible to format as ext2, reiserfs...