Heya Swimfan,
What you describe is certainly the *elegant* way to do it. Given the low power levels involved, there is a quicker, dirtier (and cheaper!) option though - you can simply connect the solar cell in parallel with the batteries and use a shunt regulator to dump the excess (solar) power when the batteries are full.
I've drawn a quick sketch...
Note that none of the components are especially critical other than the power dissipation rating of the transistor. The way it works is as follows:
The diode on the input isolates the batteries from the solar panel, protecting against inadvertent reverse polarity, night-time leakage currents etc. A Schottky is used for minimum forward voltage drop when carrying the panels' rated output current.
The shunt regulator operates by turning the transistor on at voltages greater than the (zener+transistor Vbe) voltage drop. At battery voltages below this level, the transistor is turned off. As the battery voltage starts to cross this threshold (when the panel's illuminated, and as the batteries approach being fully charged), the zener begins to conduct current from the rail through the current limiting resistor and into the base-emitter junction. Consequently the transistor's collector begins to sink current from the rail, which causes the rail voltage to drop. Further rises in battery voltage turn the transistor on harder, causing it to sink more current from the rail. For the values shown, the equilibrium (regulated) battery value will be approximately 3.3 + 0.7 =~ 4.0 volts.
Since the battery terminal voltage is less than this value, the regulator will cease sinking current when the solar cell is dark and therefore won't contribute to draining the battery overnight.
The downsides to this approach are:
1. The batteries are being maintained by an (approximation to a...) constant-voltage charging arrangement, which isn't ideal for ultimate battery life. Provided you don't set the regulator voltage too high (and ~1.3-1.5V/cell is pretty safe), I wouldn't expect this to be of any practical significance. If the maximum solar panel current is less than 1C (the battery capacity in mAh) - which at 700 mA is OK for any NiMH batteries larger than (and including) AAAs - this is fine.
2. The shunt regulator will dissipate the entire solar panel output as heat when the batteries are full. In your case this is only ~3.5 W, which can easily be achieved by bolting the transistor to a suitable heatsink (or probably even the side of a diecast box).
3. The voltage regulation of this circuit will be fairly poor, and will be a function of temperature and of the particular zener (and to a lesser extent the transistor) you use. For the intended application though, this really doesn't matter! This is one of those wonderful examples of the 'simplest circuit that will do the job'
You might need to tweak the zener voltage to suit your particular need (zener characteristics at such low values of Vz are notoriously woeful!)
Enjoy!