had the same problem and my solution was to install the latest driver available at the IBM service/driver website. Then unistall it with another IBM driver cleaning tool, then repeat both processes a couple of times, until the printer responded. There is some bug on these latest drivers an older Windows versions, so only after some installations and repairs on the first install, windows gets it right. VERY STRANGE but it worked in 2 machines, both IBM terminal and 4610-tf6 IBM printer.
By the way; RS232 ibm cable...I believe its a null modem 9 pin...not a regular serial cable.
Dip pin config: my printers have 4 so; 1ON 2ON 3OFF 4OFF which means
1 size of paper you are using 80mm
2 if you use an IBM software or other:other
3 if xon/off or DTR/DSR:hardware
4 com speed: 9600baud or 19200baud, 9600
That's what I igured out. If you need any more info: mail[email protected]