Can you try the latest version? 4.51 was recently released and is still not updated on the website. There is something in there that I think might help in regard to passthru printing.
You see, most applications, when using passthru printing will enable the printer, print all the data, then disable the printer. In this situation, Absolute will start a print job, stream the data to the printer, then end the print job. All is well.
Some host programs, though, will switch between streaming data to the printer and sending data to the screen. Back and forth, over and over during the print job. Presumably, this is done to allow printing of a print progress message on screen while the print is being done. However, in Absolute 4.01 and below, this causes a new print job to start every time the printer is stopped/started. This is the cause of your multiple page printout.
in 4.51 and above, if you're using the 'direct to printer' method of passthru printing (Options->Properties->VTOptions), the multiple jobs will be coallesced into a single stream of data to a single print job.
Give it a try here and let me know how it works for you:
http://www.celestialsoftware.net/telnet/AbsoluteTelnet4.51.exe