I've never used jQuery in noConflict mode, so can't speak to how well that works. But I've always understood that using ONE library is the best approach.
jQuery does have a nice tooltip, by itself, and there is a jQuery plugin for balloon tooltips that is also very nice, and could probably do a balloon tooltip that is not too different from what you're currently using.
But if you insist on using both libraries, then devnull69's suggestion should work.
If anyone knows of a website that can offer ColdFusion help that isn't controlled by neurotic, pedantic jerks* (stackoverflow.com), please PM me with a link.
* The neurotic, pedantic jerks are not the owners; just the people who are in control of the "popularity contest".