You really need to be sure what type of interface the 2 printers are using. I'd presume they are both using Parallel Ports, and you'll be relying on the compatibilty of a Parallel to USB adaptor for the 2nd printer, which can be hit&miss.
I'd go as far as suggesting a print server. D-Link have a print server which looks like it's right for you - checkout the D-Link DP 300+. It's got 2x Parallel Ports, & 1x Serial Port. This might be an expensive option (£70ish), but if you have a couple of PCs/Laptops in the same house, then it might be handy. I've never used D-Links print server (I dont particularly trust D-Link products), but if they are anything like HP's JetDirects, then they should be easy to setup.