Wireless security is Not downward compatible, if it was, there would No point to it at all.
I.e. with Entry Level Wireless if you configure the main Router as WPA all clients must be configured the same.
There is a partial solution to your case.
Get a second inexpensive Wireless Router (a lot of WEP only Wireless Router are sold for less then $20) connect it to the Internet Modem. Disable DHCP give the printer a static IP and configure it with WEP (use MAC filtering too if available) to work with the printer.
Configure your WPA Wireless in a segregation topology; the second segment should be Wireless with WPA (or WPA2 if you have it).
Instructions here,
http://www.ezlan.net/shield.html
(in your case the second segment should be Wireless too, and second Router should be configured with a static IP that is on the same subnet as the printer?s IP).
Under such a configuration if someone brakes your WEP they would be able to ?Borrow? Internet Bandwidth, but your LAN would be WPA protected.
:sun:
P.S. Since the printer is down stream, it should be available from the second segment. I never did a printer concoction like this. I.e. you need to figure out some "fancy" printer configuration, in order to print through the second Router.