The reason why it doesnt work, is that the virtual machine is using a generic virtual CD/DVD ROM driver. The actual hardware is abstracted from the VM and all it knows is that there is a CD/DVD ROM device is present. The reality is, there might not actually be hardware there. It could just be an .ISO or even another virtual drive.
Does this mean it cant work? Not necessarily. If you can do USB passthrough, you might be able to install the LightScribe software on the VM and it could work.
See these directions for Adding USB Support to Hyper-V with Help of USB Redirector. This might be what you are looking for.