Quad! I am in the very same situation. ANd unfortunately, Parallel to USB converter didnt work fine for me. May be i didnt do the settings right, i am not sure. I didnt get enough time but from what little configuring i did, it was not worth it. After giving OK to print, it takes 3~4 mins to initialize the printer (in my case a Epson 480C). And then too, it might not print at all.
COntrol Panel > Printers, it shows up fine. the port shows up as VIrtual USB port too. But still printing was not a certainity. Once, my sis wanted to take a print out and it didnt print. SO my sis shut down the PC. 6 hours later, i log on and the printer started printing!!
I returned the Parallel-to-USB adapter and today i got a PCI card with parallel port. Hope it works. Cost of Parallel to USB / PCI to parallel - around 500 bucks.