For the very few cases where we need an older printer on the network, I use a print server like the ones offered by Netgear. I've found the bigger ones (ie: designed for multiple printers) to be much more reliable than the smaller "single printer" offerings.
Oh and the wireless ones are just useless in an enterprise setting! :) lol
Thinking out of the box some you could try setting up an old PC as a print server. The usual flavours of Windows offerings would do the job if you don't have a spare server licence floating about. Alternatively I've seen lots of articles regarding the use of *nix on an old box to do just this.