It's been 20 years, but.... No. They were completely different printers. I had an ImageWriter I, and lusted after a II at the time

I'm 99% sure the black ribbons were not interchangeable, and I KNOW the 'rainbow ribbon' would not work in a IW1.
We used to extend the life of the ribbons by using a paperclip to press in a little locking tab on the ribbon, which would allow you to 'rewind' it. It worked fine for the second use, third was kind of bad, and 4th was desperation-only.