I don't think it will work with an Axim. I've never seen the Axim, will it even take a CF card?
In any case, the hardware compatibility list on
www.myelectricdog.com reads 'Compaq iPAQ 36xx, 37xx , 38xx only'. I don't believe that it even works with the 39xx series of iPaq.
I think there are other IR extender solutions available that are less hardware specific, though. Maybe someone in the know can comment.