In principle: yes.
Some USB printers (mainly multi-function printers) create a
special port on the client. If that is the case, you will have to
edit the registry on the client to enable automatic redirection of
all local ports. Check:
302361 - Printers That Use Ports That Do Not Begin With COM, LPT,
or USB Are Not Redirected in a Remote Desktop or Terminal Services
Session
It is *not* a good idea to install 3th party printer drivers on a
Terminal Server, since many of them are not completely TS
compatible and can cause your printer spooler to crash or your
server to blue screen. If the printer is not autocreated, map it
to a native driver on the server by editing the ntprintsubs.inf
file. Check:
239088 - Windows 2000 Terminal Services Server Logs Events 1111,
1105, and 1106
http://support.microsoft.com/?kbid=239088