As far as your CD error: Your CD won't mount because current Macs (From Catalina onwards) no longer support the old HFS file standard, so despite being able to see it in your Disk Utility, you will not be able to mount it. There is no work around. This includes any CDs you may have written yourself in years past.
This is moot anyway because of your main question: I guess it depends on WHY you want to do this?
As mentioned, you are about 15-20 years too late for this.
I have been a Pagemaker guy since Day 1, so I've seen every iteration of it, and, as mentioned, the last System it would run on "natively" was System 9.2.2, although I also carried it through to OSX in Classic mode up to Tiger (10.4), but it was always better to run in in OS 9.
I personally keep an old Mac G3 around to run PageMaker and other older programs like (gag) Freehand. It's actually quite handy in conversion to InDesign if the PM file is natively all sorted out (re: links etc) beforehand.
Yes, it was.. and I have that running too, on an OS X partition on the same G3, but really, the older files I needed to work with were older than that. Not many people I knew stayed with Freehand that long anyway.