In principle, yes.
The only problem you might have to fix is that the printer driver
name on XP differs from the printer driver name on Windows 2000.
Printer driver names have to match *exactly* for autoredirection
to occur.
If this happens (you don't see your printer inside your TS
session), check the EventLog on the Terminal Server. It will show
you the full printer driver name and why it couldn't be
redirected.
Then create a custom ntprintsubs.inf file on the server to map
your XP driver name to a native driver on the server. Details
here:
239088 - Windows 2000 Terminal Services Server Logs Events 1111,
1105, and 1106
http://support.microsoft.com/?kbid=239088
Note that some printer models are not TS-compatible at all, and
multi-functional printers usually loose their multi-functioanlity
in a TS session.
HP LaserJet Printers and Terminal Servers - Overview
http://h10025.www1.hp.com/ewfrf/wc/genericDocument?
lc=en&cc=us&docname=bpl10248