Yo. I had the same problem with an epson 500. I also noticed that processor usage would jump to 100% while I was printing. This happened with both the Epson drivers and Windows 2000 default drivers. My theory for why this occurred is that stupid windows used programmed IO for the parallel port. So, I figured that if windows were to used interrupt driven IO instead, things should be a lot better.
Have I lost you let?
Anyway, to use interrupt driven io instead of programmed io, do this:
Go into your bios and make sure that your parallel port is assigned an IRQ. While you're at it, make sure the parallel port is set to ECP or ECP/EPP mode.
Now go into windows->controll panel->device manager. Go to the properties for your parallel port. Make sure that it is set to always use an interrupt.
I'm using windows XP right now and I don't really remember if it's possible to do this in windows 9x or 2k but it's worth a look. In any event, it worked for me in XP.
Switching to USB like some of these previous posters said would also work.