Here is how I solved it.

The PrintService event logs with the failure was referencing InfPath C:\Windows\System32\DriverStore\FileRepository\hpcu115v.inf_amd64_neutral_f6a5b51fb5c5ab11\hpcu115v.inf.  I checked that path and there was only 2 files in that directory, which isn't a complete installation.  I took full permissions of the folder and deleted it.  Attempting to install the driver still failed.
I validated the UPD 5.3.1 PS driver was not already installed by using the Print Management console.
After checking c:\windows\inf\setupapi.dev.log, I found the following:
>>>  [Import Driver Package - C:\Windows\system32\spool\{75E26786-6C98-4443-9E2F-BC41BC50486D}\hpcu115v.inf]
>>>  Section start 2012/03/13 11:07:39.013
      cmd: C:\Windows\System32\spoolsv.exe
     sto: Importing driver package into Driver Store:
     sto:      Driver Store   = C:\Windows\System32\DriverStore (Online | 6.1.7601)
     sto:      Driver Package = C:\Windows\system32\spool\{75E26786-6C98-4443-9E2F-BC41BC50486D}\hpcu115v.inf
     sto:      Architecture   = amd64
     sto:      Locale Name    = neutral
     sto:      Flags          = 0x0000000C
!    sto: Driver package 'hpcu115v.inf' already exists in Driver Store:
!    sto:      Filename = C:\Windows\System32\DriverStore\FileRepository\hpcu115v.inf_amd64_neutral_f6a5b51fb5c5ab11\hpcu115v.inf (oem52.inf)
     sto: Imported driver package into Driver Store:
     sto:      Filename = C:\Windows\System32\DriverStore\FileRepository\hpcu115v.inf_amd64_neutral_f6a5b51fb5c5ab11\hpcu115v.inf
     sto:      Time     = 47 ms
<<<  Section end 2012/03/13 11:07:39.066
<<<  [Exit status: SUCCESS]
Interesting that it still thinks the driver exists when that FileRepository path does NOT exist.  After reading Remove a Driver Package from the Driver Store, I used: pnputil -e and sure enough, oem52.inf was present.  I then used: pnputil -d oem52.inf to delete the inf from the driver store.
Finally, installing the driver from Print Management worked!