The 0.7A are the current for each coil, so you have to multiply by 2 to get the total current the motor needs. If you don't need the full torque you may reduce the current to save power.
This motor and the drivers (DRV8825/A4988) don't really fit together. These drivers are current drivers and they need a much higher voltage than the rated motor voltage to work properly.
This motor is more intended to be controlled via a simple H-bridge.