The printers that you see in the drop down list are your only options. There is no way to add or edit those included with your version of Aloha. If you're not getting communication errors or random characters printing, odds are Aloha is "OK" with the printer type you declared it as in the back office, and the speed is unlikely to get any better no matter what you do.
Unfortunately, parallel (LPT) printers are just plain slow. I forgot how slow, until a client of mine recently decided to order them himself, and accidentally bought LPT. Even after being properly setup, they were unbearably slow. He decided they were good enough for him to open his new business with, but wanted to replace them as soon as possible.
About your only other option is to see if you can buy a serial interface for that model. We don't do a lot with Star printers--but I know with Epson, you just remove two screws, and parallel interface can be swapped for serial one. Then all you'd have to do is change the dip switches, and you'd be ready to roll. Maybe you have an old Star lying around? If you have other working Star printers, I might consider keeping this as a spare. You can still use it as a back up, and when one of those other Stars finally dies, you can possibly just swap that piece out, and have a fast serial printer.
Hope this helps.