The CPS3 system can be confusing at first but now there is a way to have all cps3 games running in one cd with a non sucide cart. You will just need to send your cart to the guys at Arcade-Projects.com where they will transform it to play all CPS3 games and not ever have it suicide. They will also provide a burned CD will all of the games.
But you have to go to
http://www.arcade-projects.com for the info. Contact "Mitsurugi-w"
Join up and search for this thread "CPS III Bios and CD Releases"
1. Would any cd rom drive work?: No, there is a specific model but now there is a hack where you won't need one, I personally just bought a replica on eBay.
http://www.ebay.com/itm/Toshiba-SD-...962465?hash=item211f4b8021:g:LYMAAOSwIgNXrhuQ
2. How about the cd....is it possible to burn: Yes it could be burned.
3. Finally, does this board have a suicide battery that needs to be switched out?: Yes it does and its a different process than swapping out a CPS2 system battery, much more difficult and easier to suicide if you don't do it correctly.
Another note is that you will have to have enough simms (memory card sticks) to run games like sf3 3rd strike, that game takes up the most memory. I am not sure how your board looks but thats another thing to look out for. Arcade projects also makes memory sticks just in case you are missing some. Everything you need to know will be on that site, hope this helps.
Another source explaining the memory card stick setup:
http://wiki.arcadeotaku.com/w/CPS3
I personally have 2 setups with these multi carts.
John V.