Well, I contacted Wyse and after several phone calls I finally got an answer to this one. You need to configure the Thin Client as well as the Printer on the server. I'll try to make this brief.
1) First power up the Thin Client and go into the Control Panel
2) Double click on Client Printers
3) Click on Add Printer
4) Select printer port LPT1, then click Next
5) On the Select the Printer Model panel, put a check mark on User Defined, then click Next
6) Enter the Model Name (here you call the printer what you want, like KGN Reception), then click Next
7) Enter the Printer Type (here you enter the EXACT name of the driver for the printer), then click Next
8) Set the printer as the default and save it.
9) In the System Properties write down the Terminal Name (aka. WBT008064555706)
The next step is to connect (logon) the Thin Client to the server
1) Fo into Printers and Faxes
2) Double click on Add Printer to start the Wizard
3) Select to use a Local printer attached to this computer
4) In the Select a printer port window, you select the terminal services port (TSxxx) which contains the Terminal Name (above) of the Thin Client.
5) Then you install the appropriate driver for your printer.
One thing to note, is that when the Thin Client is NOT logged on to the server, the printer icon will not appear in the Printers and Faxes window. When the Thin Client logs on, the printer icon and path is dynamically created and it just works...
Hopefully, that makes some sort of sence...