I wanted to know if it were possible to have selectable subtitles on a VCD 2.0? And if not, then can you convert the subtitles to closed captions?

Has any one tried DVD2SVCD and selected MPEG5.1 audio and actually worked? I have a DVD player that supports MPEG5.1 audio and want to know if it is worth choosing. On the same note can PCM audio have 5.1 channels of sound. My DVD player has the option to export MPEG audio as either MPEG or PCM. Or is there another way to rip the audio off a DVD to SVCD to get good surround sound?