Redirect default printer only

Yes, you can limit it so that only their default printer is auto-created in their session under 2003. To accomplish this you need to meet two requirements:

1. Client PCs need to be running Remote Desktop Client version 6.x or higher. If your machines are all XP SP3, Vista, or Windows 7 then this requirement is met.

2. You need to make a registry entry on each client machine or local client user.

If you want the setting to apply to all users who use the client pc, then you need to make the following registry entry on each client PC:

HKLM\SOFTWARE\Microsoft\Terminal Server Client\Default\AddIns\RDPDR

RedirectDefaultPrinterOnly REG_DWORD 0x00000001

If you want the setting to apply only to certain users that use each client PC, then you need to make a similar registry entry under each local user's HKCU:

HKEY_CURRENT_USER\SOFTWARE\Microsoft\Terminal Server Client\Default\AddIns\RDPDR

Source:
http://social.technet.microsoft.com/Forums/en-US/winserverTS/thread/29a5e34e-56ee-4c22-aff9-5e06f45c609c

How to redirect the default printer of a Terminal Services client to a Windows Server 2003 Terminal Server session
http://support.microsoft.com/kb/911913