As long as you have only one CD or DVD drive, the following should return the voume name:
do shell script "drutil status | grep '/dev' | sed 's/\\(.*\\)\\(Name: \\)\\(.*\\)/\\3/g'"
set cdName to (do shell script "df | grep " & result & " | sed 's/\\(.*\\)\\(\\/Volumes\\/\\)\\(.*\\)/\\3/g'")
The problem is you assume that the CD is always going to be disk1. This assumption holds only if you have only one hard disk, and if you do not attach another storage device (external drive, flash card, camera), before inserting the CD. Otherwise, your CD will be disk2, or disk3, etc. That’s why you need to get the mountpoint from drutil first.