Why would the FIP 7.0.34.109 driver not work? I've switched over to that driver version for both X52 Pro and FIP, and they do play nicely together with DirectOutput. Saitek fixed a lot of bugs since the old 7.0.11.1/7.0.27.13 release, such as the ability to use different device types together without having to manually replace a DLL, and the X52 Pro MFD page change wheel.
For FIP-only, the old 6.6.1.40 or 7.0.11.1 drivers were fine, but 7.0.34.109 seems to return from DirectOutput_SetImage a little faster, so you could potentially get a better FIP framerate. I think it went from about 15fps to 20fps?