You can do this. Follow the same procedure to add a local printer and instead of adding a "TCP/IP Port" add a "Local Port" and for the Name of the port specify the UNC path to the shared printer as:
\\<IP or Hostname>\PrnSharedName
It's been a while since I did this, but I remember having some permission issues with machines. If these machines are on a domain, you'll probably be OK as long as the printer has been shared with
If these machines are not on a domain, you may need to adjust some local security policies that allows anonymous connections, and to treat anonymous as everyone. Totally a security risk, but may be necessary in strange environments that required you to ask this question in the first place. :)
I believe the connection is made from the SYSTEM account, and not a logged on user. So the computer account needs access to the printer.