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i install the dotmatrix printer on vmxp. named it XPDotMatrix1 and reassign it to the ts001 port. correct?
You shared the printer on the host as DotMatrix. That's fine. Next, you create a local printer on the VM pointing to \\host\DotMatrix, not ts001.
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i shared the printer XPDotMatrix1
That's fine.
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second printer created "XPDotMatrix2". shared. it also.
No need to share the second printer on the VM. Just make sure it points to LPT1.
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net use lpt1: /d /y
net use lpt1: \\virtualxp-19420\DotMatrix /persistent:yes
You're supposed to point to the shared printer on the VM, not the host. I'm assuming that virtualxp-19420 is the vm name.
net use lpt1: \\virtualxp-19420\XPDotMatrix1 /persistent:yes