Welcome to LQ!
If I understand you correctly,you want to have one PC with a Ubuntu 8.10 on it and few printers connected to it and use that PC as a print server?If so,I don't see any problems here.Configuring a printer under Ubuntu shouldn't be so hard,but how will you configure other PCs depends on the OSs that are installed on them.I suggest that you start doing it and if/when you run into problem,post back.
Here's a good tutorial about network printing with Ubuntu that you might find useful.