I know that you have uninstalled and reinstalled, but did you do this? If you have Printers settings in Fusion enabled so that all printers get add automatically, disable it. Uninstall both printers. Then disconnect them from the Mac. Reboot XP. Plug one printer into the Mac, connect to XP, install whatever software/drivers are necessary and then reboot XP and add in the second printer in the same manner. Then go back and re-enable the PRinters settings for Fusion to pull all printers from the mac.
I've also included this link which might be helpful.
http://www.macworld.com/article/132263/2008/02/macwinprint.htmlI used to have my HP printer connected directly to my Mac, but kept running into minor issues so moved it to a network setting... but that was under Fusion 1.x. I also run Fusion at home and I do have my printer hooked in via USB (Epson printer) and I usually don't have any issues with it.