If anyone might be interested, here's how to get printers connected to the Apple Time Capsule USB port to work with CUPS (this is applicable to other distros as well).
Use the following for the CUPS printer configuration:
Device URI: socket://"your_router's_IP":9100
where, 9100 is the port for the printer device on the Time Capsule.
Using a USB hub is allowable, with the second printer device using port 9101, and so on.
Of course, you want to make sure that you have a driver that is supported in CUPS.