Is it possible?

[psiko]

Is it possible to downsize the vob files and then use ifoedit to make a dvd and burn to 2 or 3 cdrs and be able to play on standalone dvd player or playstation 2?

[Derrow]

Yes, that should be possible, especially with the button 'Create Ifos'.

But don't ask me for a guide yet.
You can take a look at Doom9's guide to split a DVD to 2 DVD-R's.
I nearly the same procedure.