Hi Tylr,
If you overwrite Apple's installation then you wouldn't have to change anything but that's not recommended. Otherwise, future system updates will doubtless break your installation. It is better to install it elsewhere, traditionally with an INSTALL_ROOT of /usr/local.
In that case yes, you would have to edit the /System/Library/StartupItems/PrintingServices/PrintingServices script to point to the new version of cupsd that you installed. That should allow you to configure printing services through the web interface at
http://localhost:631/. I don't know how will effect Apple's Printer Setup Utility but I assume that it communicates with the cupsd daemon too so if you start the new one you installed, everything should work together. However, I don't know how Apple's Printer Setup Utility works so all you can do is try it and see.
--
Gary
~~~~
By working faithfully eight hours a day, you may
eventually get to be boss and work twelve.
-- Robert Frost