I'm not sure what printing interface the "System Setting" route uses, but have you tried configuring the shared printer in CUPS? On your Fedora machine, navigate your web browser to "http://localhost:631" and then click on "Manage Printers". In fact, I wrote up a mini-howto on my blog about getting a USB print server up and running in Fedora Core 4:
I would imagine it's not too dissimilar to that, except that you likely won't need the printer port part. You can replace that with "lp", so that the "Device URI" is
I'm not sure that will work, but I think the CUPS interface will give you your best chance to get this figured out.