Answered my own questions Somehow I was able to click around the net and found various answers that almost solved my problem.
Since I did note so many people viewed the question; I thought I'd detail the solution to my original question just in case others might also be looking for a solution!
Assuming you have a router with a Parallel or LPT printer port for you old Laserjet (or other printer for that matter); try the following:
Create a new Port with the "Add Port" and select "Standard TCP/IP Port".
Select "New Port" which starts the Port Wizzard; when the wizzard finishes;
Enter a port name, you might use the Router Name (in my case D-Link),
Enter the IP address of your Router (again in my case it was 198.168.0.1).
Select "Custom" and open "Settings":
under "Port Settings" select Protocal LPR;
in LPR Settings enter the Queue Name "lp" in lower case to select the Parallel (LPT) port,
or "lpUSB0" for the USB port on your router.
Check mark "LPR Byte Counting Enabled", UNCHECK mark "SNMP Status Enabled.
Click OK to end, then finish the Wizzard.
Now go back to the Printer settings and link the New Port to your Printer. Try printing the test page. If it doesn't print, you might find you have to update your printer driver for Win 7.
Not sure how it will work for you but this setup worked fine for me! Good Luck!!!!
KJM