I have the same drive (a PC friend gave it to me when they upgraded to an internal drive). Teac does NOT support the Mac. The only way I could get the CDW54E to work was in OS 9 and only with an older version of Toast. I gave up and brought the drive to work where I have to use a PC. It works fine with XP Pro. My suggestion (if it fits into your budget) is buy a $99.00 DVD/CDRW burner and be done with it (I suggest one like this model from OWC:
http://eshop.macsales.com/shop/firewire/optical-drives/). When you get the chance to buy a newer Mac, a drive like this will make the move with you easily. Trying to get this burner to work in OS X will continue to be a lesson in frustration. Good luck. I hope you find a way to prove me wrong. The cheapest alternative is forget about burning disks in OS X and keep on burning them in OS 9.