I don't think he's trying to set a printer's status because he seems to be wanting to retrieve the status of a specific printer.
However, I don't understand his question:
How to I set the status of a Pinter as a variable?
Are you asking how to make a variable that holds the status of a printer?
EDIT: Actually, I think you have a printer object stored somewhere and all you're trying to do is update that object with the new status, right? If that's the case...just don't use Win32_Printer. Create your own printer class and update the fields on that.