COLGeek :
This will lead to an eventual IP conflict and the net admins might not like you very much in the end. You will also then have a printer configured for all to use. Probably not a good idea.
The other option would be to inform IT admin with your printers IP address and hopefuly they might reserve an IP for the printer (some campuses in the UK have reserved IP addresses for exactly that reason, not sure about anywhere else), as for the printer share you could always setup a password to stop unautherised access.
Another option would be to get a wireless bridge and a wireless router and join them together via the WAN port on the wireless router and have the macbook and wireless printer connect to that, it would add an extra firewall layer to your own personal WLAN network aswell, the only problem would be that you would have to buy additional hardware for the setup and also have to port forward for additional services like: voip, skype, msn, ichat, gtalk, gaming, torrents, pretty much anything that you have to listen out for, then again uPnP could probably handle most of it.