Stelios,
Sorry, since I do not have access to Toast, it is difficult to offer good advice.
You said that the CD appears on the Desktop. If I understand this correctly, nothing at all can be seen when you (double-click to) open the CD icon. The CD window is empty, right?
If you select the CD icon (click once) and then choose Get Info from the File menu, what does it say? Is anything shown under Size?
You may have to double-check and possibly alter the iso project configuration (try simple settings, without long file names etc).
If nothing else works, you may have to carry out a simple experiment by downloading an existing .iso file from the Internet. This could possibly be something like the small precise-5.7.1-retro.iso PuppyLinux (web search). I am not suggesting that you should use the distribution (you could on an old PC). However, if you burn the downloaded iso file to a CD on your MacBook Pro, you would have another test disc for the CD-ROM drive in the 7200/90. The mentioned disc should become visible, and you should see a number of files inside. You cannot do anything with them, but you would at least know that the 7200/90 CD-ROM drive, the 7.5.2 system and the helper files are OK.
Jan