My book says 1711 alarm is Z-axis overload, but somehow I don't think this is your issue. It's probably mapped different on the 700 since it was a model U as in "unique" control. Normally you can rotate the turret by hand if it is unclamped and the e-stop is pressed. If you can get it aligned to a clamp position and lock it down, it should re-learn the turret position by looking at the switches inside the turret and their pattern. Normally you will not want to hot rod the turret much since the hydraulic motor has limited dampening ability when it stops and it could be hard on the system if you go too fast.
Okuma did offer a "pop up turret" cycle time reduction option for that machine which would allow you to unclamp the turret as you rapid home to index, but since it was a lift style turret, you need to be careful that you are far enough away from your chuck/part before lifting or havoc could ensue.
Best regards,
Experience is what you get just after you needed it.