Justin- I'm new to PAF, having started with Vers. 188.8.131.52. But as I understand it, "Print to File" took on a new meaning with that version.
So it would be better to get your Compaq IJ650 printer working with PAF 5.0, and then work backwards. Make certain that you have the appropriate Compaq driver installed, and then go into PAF Page Setup-Printer to select the correct printer model.
Please be aware that some of the newer printers do not include drivers for old MSDOS programs. They only provide a Windows mini-driver that interfaces with the MicrosoftWindows printer output. Cheaper that way.