Android added Bluetooth 2 support in API 5, and Bluetooth 4 LE in API ~14.
The version of Bluetooth supported by Android phones also depends phone model - different phones have different Bluetooth hardware and different Bluetooth stacks.
(Things got really weird with the Galaxy Nexus with 4.0.4. which had an API and hardware support for Bluetooth 4, but was missing the support in the stack - fortunately, that has been rectified with Android 4.2.)
In your case, your phone/stack/api will have no problem supporting Bluetooth 2, but what about the Bluetooth profile? Perhaps you are trying to use Bluetooth Printing Profile and maybe your device doesn't support that? Maybe you could connect to your phone with a PC and enumerate the supported profiles to see whether it has BPP (basic printing profile).
You should also verify whether which profile your printer supports - I'm just guessing with BPP.