Virtual printers cannot be added to a VMware Workstation virtual machine (Statement varies on how and what you define as a virtual printer). If you want to add a dummy printer then it cant be done.
By adding a printer from the Hardware tab on VM > Settings, you will allow the virtual machine to access the printers configured on the host. All the printers which are added on the host will be visible inside the virtual machine (provided the vmware tools are installed inside the VM).
On one of the versions of VMWARE I remember being able to add printer that printed to the "bit-bucket". Very handy when testing custom code that does a lot of printing to see if errors pop-up in the code.
I've been looking for that option, but I can't remember how it worked in earlier versions.
I am not sure if the "bit-bucket" option you are looking for can be achieved through the virtual parallel port. You can output info to a file through a virtual parallel port.