Simply open a popup with the content that needs to be printed, and like Sebastian T Xavier said, just do a javascipt windows.print().
You could also use IETab.
I have no idea if it supports per-site activex, but if it doesn't... don't even go there!
As you already mentioned it is a security hazard and an accident waiting to happen. Even if it isn't about security it will be about providing constant support for this kind of patches that can break at any time.