I use the same printer, an old reliable hp 5mp as one of our network printers. We use a simple print server that supports two USB 2.0 ports and a single Parallel port. The print server then shows up on our network, either using IP Printing, Appletalk, or Bonjour, allowing it to be accessible to both Macs and PC's on our network.
Even if you do not have a network, adding the print server would easily take care of your problems.
We use the Trendnet TE100- P21 available from many sources. It works well and is fairly easy to set up. The only slight gotya, is the print server is preconfigured for an IP address of 192.168.0.1 which may nee to be changed for the most common ip subnets used in home networks. Trendnet included a utility for changing the assigned IP, but it is a windows only app. Of course you can use bootcamp, parallel, or a PC to make the initial IP change, then after that everything can be managed from a web interface on your Mac.
Tom N