The driver will go weird under 7.5 (garbage screen updates), and will probably not work at all in 7.6+. It does not work at at all in an '040, or an '030 with an '040 upgrade. (I should also add that the ATI Graphics Accelerator extension works with this card in NuBus Power Macs, though HPV video is still faster.)
However, the card does not need the extension to work, only for acceleration. If you install the card and no extension, it just acts like an 8*24.
If you wanted to use this as a second card in your Q700, fine, but that's really a waste of a card that an '030 or earlier can really benefit from as Q700 video is plenty fast. I'd find a garden variety 8*24 or other 24-bit card and give the GC to a machine that needs it.
However, the card does not need the extension to work, only for acceleration. If you install the card and no extension, it just acts like an 8*24.
If you wanted to use this as a second card in your Q700, fine, but that's really a waste of a card that an '030 or earlier can really benefit from as Q700 video is plenty fast. I'd find a garden variety 8*24 or other 24-bit card and give the GC to a machine that needs it.