No. ImgBurn has no compression capability.
If you need to compress an ISO of a dvd movie, use DVDShrink to reduce it to the proper size. Start DVDShrink and click Ctrl I to navigate to the ISO file.
If you don't have DVDShrink, you can get a copy at www.mrbass.org or www.videohelp.com It is a free program. You can output as an ISO from Shrink.