If you replace all the tell application "System Events"
block with
do shell script "lpadmin -p " & ¬
quoted form of printer_name & ¬
" -L " & quoted form of printer_location & ¬
" -E -v " & quoted form of ("lpd://" & ip_address) & ¬
" -P " & "/System/Library/Frameworks/ApplicationServices.framework/Versions/A/Frameworks/PrintCore.framework/Versions/A/Resources/Generic.ppd"
under Mavericks it should work.