On a 10.6 box with all printers gone, I just restored all 8 printers in about 20 seconds without TimeMachine like so:
Utilities -> Terminal. In the terminal paste in, one at a time, each of the one-line commands in bold below.
Stop the CUPS daemon with the following command:
sudo launchctl stop org.cups.cupsd
Assuming printers.conf.O is bigger, ovewrite the empty printers.conf with it:
sudo cp -p /etc/cups/printers.conf.O /etc/cups/printers.conf
Optionally (I did not need to do this myself) restore cupsd.conf from the O (older) one:
sudo cp -p /etc/cups/cupsd.conf.O /etc/cups/cupsd.conf
Restart the stopped CUPS daemon with the following command:
sudo launchctl start org.cups.cupsd
YMMV, but you might want to try above commands before all the overly complex machinations above and at https://discussions.apple.com/thread/2027997
And I agree that with the need for a clear warning "Do you *REALLY* want to delete *ALL* your printers?" That is not clear to most folks. Even detailed info at http://support.apple.com/kb/HT1341 bluntly speaks of deleting queues and jobs, with nary a mention of printers!