USB001 Port missing in win7 when adding a HP printer

I am trying to add a HP LaserJet 4 Plus as a printer to my laptop (Dell/Win7 64) via a USB to parallel convertor cable.
I added the printer and it does show under Printer & Faxes with a green check mark with a name of HP LaserJet 4 Plus.
When I print nothing prints. One issue - I used port LPT1.
I found out that I should be selecting USB001 as the port - but there is no USB001 in the drop down.
Need help please.