After updating did you repair permission.
You could try these steps ..
Deleting and Re-adding Printer
1) Disconnect printer, turn it off.
2) Run "Printer Setup Utility" from "Applications -> Utilities"
3) Highlight the printer and delete it
4) Quit "Printer Setup Utility". Restart
computer
5) Connect and power on the printer. Wait a little. Open "Printer Setup Utility" again.
6) Click the Add Printer button.
7) Select your printer from the list.
8) Click Add.
If this fails ....
1. Delete the printer drivers - Library/Printers, and install the drivers available on the Web site of the printer's manufacturer.
2. Delete the printer from Printer Setup Utility. Turn Off Printer and disconnect. Restart Computer. Reconnect Printer and turn on. Wait a little. Open "Printer Setup Utility" again. Click the Add Printer button. If the specific type of printer you're using is listed, choose it. For example, if you're using an Epson USB printer, you may be able to choose Epson USB. Select your printer from the list. Click Add.
You may need to turn on special features of your printer. Select the printer in the Printer List and choose Printers > Show Info. Choose Installable Options from the pop-up menu, select the options you want to use, and click Apply Changes.
Print Centre Repair for Panther
http://www.fixamac.net/software/psr/index.html
failing that .. reinstall print setup with ..
Pacifist
http://www.macupdate.com/info.php/id/6812