Hi, I am aware that this thread is now over 12 months old, but I came across it recently while doing a Google search and thought I should comment. I purchased the LPT2USB device in question just recently and cannot get it to work on ANY of the modern USB printers that I have tried it on. I always get a "printer not responding" or "printer not communicating" error message. According to the troubleshooting site for the device, you may need to disable bidirectional printing, in which case I just get an error message saying "please enable bidirectional printing". lol!
They also recommend that you set your Print Processor as WinPrint RAW. But I tried that and no go either. Basically the device is useless except perhaps on the older less intelligent, unidirectional printers, such as the HP 930c, as John suggests in his post above.
I asked the company for a list of printers on which it would work but they would not supply this, claiming that all computers/printers behave differently. Yet they virtually assured me that it would work. I guess I should have read between the lines then and there and realized that the device is in truth very fussy. This is a shame because the device is quite expensive.
The best method for getting USB to work on an old computer that I have found is to connect it to a more modern computer through an ethernet network cable. Download software like the popular "USB Over Network" (install the host program on host PC and client on old PC), install the printer driver on your old PC, then print through the network cable using the host PC's printer connection. This works extremely well. Only problem I have had is that the spooling process sometimes leaves a nasty cache file on the host PC which I have to delete next time I boot up. Otherwise the host PC thinks it has something in memory that still needs to be printed and this can slow my host computer down to a crawl. There is probably a way to avoid this, but I have not yet discovered the solution.
I have tried USB 1.0 and 1.1 PCI cards in my older PC and these will not work. The networking method is the only way I have ever been able to get some form of USB functionality on my old PC, even it is completely virtual.