The main problem I'm aware of with VBR files in standalone players is the seeking showing the wrong time display (edit: and the correct length as mentioned by Cosmo). You may or may not wish to consider this, and could choose ABR or CBR to improve matters.
The other issue to consider is whether using 32 kHz or 22.05 kHz sampling rate may be a problem with any decoders or give audible issues with DACs that aren't critically filtered. I've learned French with Michel Thomas
(J'ai appris francais avec Michel Thomas) recently and just to ensure I avoided any problems encoded his CDs to
LAME -V6 --vbr-new using LAME 3.97 (I didn't even set Mono, just let LAME smartly encode with M/S stereo when it's mono). With foundation and advanced courses plus the review CDs for both, 18h 31m of speech encoded to 521e+6 bytes. That's an overall
bitrate of 62.5 kbps (8 * 520702.357 kbit / 66659.426 s)
I dare say you could get an awful lot of your talking books in -V5 --vbr-new onto a single CD. Given that for music, -V5 is typically reckoned to average 130 kbps and -V6 is about 115 kbps (click top link to Wiki then LAME), I'd estimate that if -V6 speech is about 62.5 kbps (based only on one test!), then -V5 speech might be around 70.6 kbps, and a standard '74-minute' CD-R with about 650MB formatted data capacity would amount to 8*650e+3 kbit / 70.64 kbps ~= 73600 s = 1230 m = 20.4 hours (estimate only). If a CD is actually 650 MiB, then you might get about 6% more than my estimate, or about 21.7 hours.
The reason -V5 is attractive is that in a
multiformat ~128kbps listening test on varied music (not speech or killer samples, I hasten to add!) indicated that lame -V5 --vbr-new came out very well with an average score representing perceptible but not annoying differences from the original, and of course with almost universal compatibility. Speech may be a different story, of course.
For shorter audiobooks, -V2 or -V3 could be very attractive for a 'premium product', being almost indistinguishable from CD in the vast majority of cases (or largely "transparent"). So long as you use --vbr-new, the wiki says that neither of them will enforce a 128kbps minimum, allowing the bitrate to vary freely, thus suiting monophonic speech encoding rather well. However, if people would like to transfer the MP3s from your CD-ROM to their DAP (iPod, generic personal MP3-player, MP3 phone or whatever) they might still appreciate the more modest bitrate of -V5.