Zeyeman, welcome to Techsurvivors!
You can use a freeware program called "Coaster", it can be found at versiontracker.com and will take your audio and convert them directly to disk as AIFF files.
What you will need hardware wise is a RCA to stereo 1/8" phono jack adapter, which can be located at Radio Shack. Plug it into your MIC input of your Mac and the reel to reel to the RCA plugs of the adapter.
Make sure you go to your sound control panel and change the input to the MIC input and you should get a sound reading when you play the reel to reel.
I'm wondering if you wouldn't mind archiving the songs as high quality MP3s. At a bit rate of 192kbps. You would sustain some loss in quality when reconverting them, but should play well as files. And you will be able to hold about 90 to a 110 3.5 to 4 minute songs on one CDR. You can do this if you have iTunes installed. iTunes 2.0.4 is also available at versiontracker.com. Requires OS 9.0.4 and better. Or if not with itunes you can convert the files to MP3 with a program called SoundAppPPC which is also located at, you guessed it, versiontracker.com.