You are only running the machine in MEPIS while using the liveCD? Of course the settings will disappear
BUT, you can save the settings on your c: drive.
The file you want would be located in the /etc/cups/ppd directory. So copy the small file that has your printer name on it to your c: drive.
--- OR ---
Save it to a USB memory stick
You don not have approx. 5gig to install MEPIS on? This would save you a LOT of hassles