Q: Is there anyway to grant some sort of administrative rights with regards to installing printers on the standard user accounts?
A: Your only choices are the two I mentioned above. Either disable the standard user account/UAC or run the installation files as administrator. If those are not working then check with MS to see what you need to do to get those work arounds running as they should.
Q: But to my understanding, this removes all the benefits of operating daily functions through a standard account?
A: You got it. Thats the world of Windows Administration for you.
Q: How can I get a standard user account to run the installation process from the HP CD?
A: Same as mentioned above.
To my knowledge anytthing beyond that would require a 3rd party application to serve as a local application broker. The broker would intercept installation request and can be configured to evevate certain applications/processes to run as administrator by providing admin credentials to the OS. For example we are currently investigating a product known as Power Broker to accomplish this task for us on the Win 8 + OS.
Theres no doubt, std user accounts are a pain in the butt for admins. Everyone needs to find a way to manage the rights they grant thier users. HP cant help you until you figure the MS user rights part out.