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Andi, I am not that knowledgeable about printers. The printer I have is a Hewlett Packard Envy 4500 which is a color inkjet type of printer. I do not have another type of printer on hand that I could test.
Hewlett Packard Envy 4500 does not support Postscript (PS) nor PCL. So it does not understand one of the standard well known printer languages but proprietary commands only. So the standard IBM OS/2 drivers (psprint, ...) don't work. No need to play with the OS/2 printers settings.
Your only option is cups. It's important to understand that's a different thing than the OS/2 printer drivers/settings. When you say -
I can install a printer, driver, and port and send a job to the queue
I fear you mean the OS/2 printer install and managing objects. They will not work as you've no special hp driver for this special printer.
You have to set up and control your printer via cups only. That is via web browser interface (IIRC localhost:631). There you have to install your printer via hplip (?). As long as you can not print a testpage from here (browser interface, printer tab, service drop down...) nothing else can print anything.
See picture for example of cups setup with four printers.