Add an airport card to the G3, replace the switch with a WAP, wire the G3 directly to the printer and configur its wireless interface to talk to the WAP - then share the printer.
OTOH, I agree that printers (Color even!) are now dirt cheap. I got a nice Epson Stylus C88 for < $80 and it has been solid for over a year. Individual color carts are fairly reasonably priced and last a fairly long time. Probably cheaper than solving the network problem.