I would think the easiest way would be to create a Bitmap that contains your document and print it.  If your x and y values are arbitrary, then you're not going to have much fun outputting text to try and match those values for positioning.  It also means you don't have to worry about sorting your text so you print top to bottom, you can just output them all onto a bitmap and then print that.

The other thing is, you need to have an idea of your maximum x and y values before you start, and they may not match your printer page size.  You should scale them, you don't want to output a bitmap in 800*600 and send it to a printer DC with a size of 40000 * 20000 or something.

The main problem would be one of scaling, making sure the end result is high quality. 

Actually, I believe the print method gets passed a graphics object, so it's probably alright to print directly to it.  The only issue I see is with scaling, especially of your font size.  As I say, going to a known size bitmap will mean your image always scales properly.