@crbble: you are right, this might fix the issue. But I would strongly advise against setting it to “yes” (aka NTLMv1). NTLMv1 is outdated since years and has so many security flaws.
@zash: If it is just for a home environment with a single user it might be fine.
But in all other cases it should be set to “no”.
If the printer does not get any further updates and is not able to “talk” NTLMv2 it might be out of any maintenance and already several years old- perhaps it will break anyways in the next couple of months.
Buy a new one…