Printer Sharing is meant for using the same printer in OS X and Windows at the same time when the printer is connected directly to the computer (USB), I don't know what's your setup, but if the printer you are using is a network printer, don't use printer sharing, connect to it directly in Windows (you might need to change network setting to bridge mode).
If it's a local printer connected via USB, if you don't need to use it in OS X at the same time, connect to it directly via the USB menu in the VM.
Printer Sharing is only useful for a local connected printer being used in both Windows and OSX at the same time, so it's hosted in OS X and emulated in Windows.
Parallels Tools cannot be downgraded, they should always be the same version as the Parallels app.