It can easily be done if each user has their own login for the computer.
Go into control panel, right click on the printer, select properties and then click on the security tab, remove everthing from under "group and user names" except for the user you want to be able to print (if the user name isn't there already click add and add it)
Once thats done click OK and only the user name specified will be able to print to that printer.
If each user has the same login your stuffed, it can't be done