I've only done this on XP, but I would expect that the process is somewhat similar. It sounds like you have the server installed OK, but not the printer.
Make sure that the print server has a static IP (at least to the network). I suspect that if you type that IP into a web browser, the server will give you a little web page with various information and settings for the Linksys USB print server. You can probably specify there whether you want a static or dynamically assigned IP. The Linksys softwre may also have the setting.
Use the Add Printer Wizard to add the printer. Set it up as being locally attached, but do not auto-detect. Create a new Standard TCP/IP port. Use the ip address of the print server. Use the LPR protocol, not Raw, and the queue name should be the same as your print sever name, which you should be able to find at the server's web page that I mentioned above. If you can't find it try LPT1. As far as LPR byte counting goes, it varies. It should *work* whether it's enabled or not, but one will be smoother than the other. Don't enalbe SNMP status. After that, just walk through the rest of the wizard as you see fit.
I didn't share the printer on mine; I set up all the omcputers on the network as above. I haven't tried sharing at all.
Hope this helps!
Rob