so please bare with me.
You go right ahead. I'll keep my clothes on.
I would like to know if this is possible and if so how?
Possible? Yes. Easy? No.
The printer is a USB slave. The Arduino is a USB slave. Slaves can not talk to each other. Only a USB Host (or master) can talk to a slave. The Arduino can wear a USB Host shield, but you have to write the printer driver for the Arduino.
No admin access to Windows CPU.
There is none? Or, you don't have it?
but also convert the same data and spit is out to Serial (com port).
Convert it how? I doubt that you'll make much sense of the binary data sent to the printer.