if your w/stn is networked, then share the usb printer as "any share
less than 8 characters". Use a Net Use statement like:

net use lpt1: \\machine-name\printer-share-name.

Make sure the usb printer is connected to the DOT4 port in printer
properties and you'll be able to print from dos apps on the local
machine and any networked w/stn. (Use machine-name rather than ip
address to overcome w98/w95 netbios limitations.)

If you w/stn is NOT networked you need to install the microsoft
virtual device "loopback adapter". Assign it a standard static class
c ip address, 192. etc and configure the printer as mentioned above.
use a net use statement pointing to this resource. ie.

net use lpt1: \\ip-address\printer-share-name.

You may be able to substitute the netbios name for the ip-address if
trying to print from w98/w95.
Hope this helps