Thank you for your post.
Although I don't have immediate access to a Windows 7 machine, I have taken a few files that I created in FileMaker Pro 10.0v3 with Print Setup script steps, moved them over to FileMaker Pro 11, and they all work correctly. I know that doesn't help you, but I wanted to try this out first because FileMaker Pro 11 is less than a week old and I wanted to make sure there wasn't an inherent problem.
Let's assume that script step is damaged. Remove the Print Setup step and insert a new Print Setup step. Run the script again and see if it works. If not, create a new script with just the Print Setup script step and run that script. Does that work?
Any other information you can provide may be helpful.
I have not been able to reproduce this on either Mac OSX or on Windows 7 myself, I have tried it within 3 different solutions.
I heavily rely on windows and these steps, it was one of the first things I ensured was working ok after upgrading.
Also it may be worth creating a brand new script & script steps, rather than replacing the steps in the same script, just incase something is wrong / corrupt with the entire script, at least this is where I would start.