When you get to the select a driver screen in 7 click on Windows Update. Windows will go out and download other drivers.
The new selctions will includes a new option for “HP”
Select the “HP Laserjet 4L” Driver.
Once you have that driver selected go into printer properties and select 300 DPI printing.
You can tell that Microsoft and HP are in bed together pushing new products. If they cared they would have just include the drivers like they did for Vista or HP could have this information on their website.