My printer (HP DeskJet 722c) has several settings that I was constantly fiddling with, depending on the task at hand. Particularly: Simplex/Duplex, Greyscale/Color, Print quality 1/2/3. I would make a change for one document, forget that I had set it to "greyscale", and print the next document incorrectly. After a few weeks of this, I thought that it would sure be handy to have several printers, each set up with a useful combination of options. 
Well, why not? Using the MS Define Printer wizard, I defined another printer, using the same HP driver and port address, giving it the name "Best Duplex". I then set its options for Duplex, Color, High quality. Display printers now showed two printers. Renaming my old one to "Duplex Draft", I set its options to Duplex, Greyscale, Low quality. Now, depending on which "printer" is selected as default, I get draft style speed and economy, or final style quality. Most applications allow you to select a printer when you print from their environs, so I can usually avoid having to respecify my default printer.

The effect was exactly like having two different, specialized printers. Of course, I now have more defined than those two. Presently, I have 11, including the FinePrint driver (see below), and a print-to-file printer. 

Also, I have installed a "pre-driver", FinePrint^*, which captures output and prints multiple page images on each sheet/side: 1/2/4/8 images, and a selection of modifiable watermarks (e.g.  DRAFT). FinePrint is my consistent Default Printer.  Whenever I print something, FinePrint presents a simple dialog the allows me to change the number of images per page, watermark stationery, and printer (Best Duplex, &c &c)