Parallel is faster...especially when you consider that USB is shared. I dunno if that's a concern, but I've seen people send PDFs to the printers at my Unviersity network and some of those are MBs in size (I know because our printers can't print PDF directly, so every time somone does it, it f*cks up the printer).
But USB saves an IRQ. Besides USB will make you feel more modern
I doubt it makes a signficant difference.
Just drop the USB and Parallel, get a printer server and attach it via CAT5

(of course that only works if the printer supports internal print servers, if you use an external one then you have to attach the printer to the server with parallel, so you lose all the speed benefit heheeh

)