After exhaustive research, this zip file is the complete set of drivers for the Compaq IJ700 Color Inkjet Printer. Just unzip it to a folder, select add printer from the printers folder and point to the folder that you unzipped the file to.
I have tested this process twice and it works fine. On boot, if you get "New Hardware Wizard" and it asks you for driver, simply cancel and go the add new printer route.
This driver was listed as Win 3.x and Win95, however it works fine with WinME. I spent about a month putting this together. I sincerely hope that this file will help others.
Please email me if you have any questions.