Per Rick's post I do not have to register the DLL; the MFC70.DLL is located in the SYSWOW32 directory. I changed to this directory to register this which also has the 32-bit version of REGSVR32.EXE located there.

However, I am getting the same error message now trying to register the ActiveX control (bblistview.ocx also copied to SYSWOW64 directory) -- see screen shot.