Why can't I install my printer with Windows 2000?

I have recently upgraded from Windows 98 to Windows 2000 (win 2k)

My Epson Color 750 printer won't install. I think this is because there is a problem with the LPT1 port. The port is shown and is indicated as working, in Device Manager, but when you try to add a printer only the USB port (for my other printer) is listed. This means that the printer can't be installed, because you can't tell the computer which port it is connected to.

I can't seem to add an LPT1 port using the Add Printer Wizard.

Can someone help me with why the LPT1 port looks to be okay in Device Manager, but is not available in the Add Printer Wizard?