Update in case anyone else does any searching on this - I opened a support ticket with SolarWinds and had a tech support call on this topic.
The LEM logging behavior is expected and working as designed. Printer syslog events are captured in the printer log and not the 'syslog localx' logs. Because there isn't a connector to connect the data in the printer log bin and the LEM system I can't access the data. I was relieved to hear it wasn't a bad configuration on my end.
SolarWinds is going to build a new connector for HP Printers for us. They just sent me a list of information they need and I'll get it all filled out and send back. After that I just need to wait until the connector is built and ready for testing.
I'm marking this item as closed/solved, pending the new connector.