Hi,
I'd try Debian or Slackware too like mentioned before.
If you are interested in installing Debian minimalistic, you could read this page :
http://users.skynet.be/six/gpure/tech/linux/debian.html
But that's only info to set up a computer as a leight workstation, I think a print server shouldn't have X.
Maybe Damn Small Linux or Feather Linux are what you need. Though I prefer starting off from a pure Debian or pure slack.
edit:This is also an interesting article :
http://www.pycs.net/lateral/stories/4.html
A guy who turns a p1 75mhz, 16mb ram into a usable system. And he doesn't even use TinyX, which is used in DSL or Feather Linux. So don't say it should be on the trashpile, it still works good