Sounds like Microsoft is replacing the Xerox driver with a Class driver, and then converting the port to a WSD port, which in turn will cause the PC to show the printer as being Offline when it is not.
Remove the printer, then install this driver.
If the Wizard runs during install, choose the Printer I want wasn't listed option even if it shows up.
Then install Manually as a Local Printer
Then Create a new Port > Standard TCP/IP Port (You need to enter your C405 IP at this point)
Then make good and sure that the Query the Printer and automatically select a driver to use is not checked or you will just end up with the MS Class driver again.