It's Fixed!!!
The first part of your post was no help. If you will look back, you should see that the dialogue box that pops up when I viewed the Printing Preferences had no option for color anywhere in it.
That being said, you did add a part in there that I haven't seen or been asked to try before. After removing the device, and running "printui.exe /s" and removing the driver (and installation packages, that's a step you didn't list), I downloaded and installed the basic 5540 Driver. That seemed to repair everything, and now I'm printing in glorious color! Thank you so much for sticking with me.