On the Common Tab, enable Run in logged-on user's security context.
On my instance I changed the action to Replace in case a user already had tried changing preferences.
In the Key Path field, delete all characters before Printers.
Now navigate through the folders until you get to the DevMode item and double-click on it.
In the panel below select the item DevMode (Binary) then click the Finish button.
Expand HKEY_USERS, expand user GUID that contains preferences, expand Printers, expand Connections, expand desired printer.
Select Another Location and enter user PC name with preferences configured in step 2.
Right-click in right side panel and choose New > Registry Wizard.
Navigate to User Configuration > Preferences > Windows Settings > Registry.
Create or Edit GPO (Group Policy Object) on server.
Make sure printer is installed on user PC.
The instructions below will help you create a registry item in a GPO that will add printer preferences per user via registry. I found a workaround, but it isn't pretty.