Please cut/paste the exact text in your command line -- or verify that you entered it correctly. Syntax for sed especially is extremely critical.
The command up to the "--show-jobs" portion should do exactly what @alpinejohn 's version did. Adding the "--show-jobs" followed by a printer queue name does the same as then selecting a printer and "Ctrl+F"
The lpstat -d selects the default printer, and the sed does something which I haven't parsed out yet--probably cleaning up the syntax. If you only have one printer, you could directly substitute the name, but the launcher would stop working if you reinstalled a printer or changed names. The way the original author has it structured, it will always follow the name of the default printer.
The bash -c and quotes are to insure that the whole command is interpreted by the bash shell, in case someone has a different default shell. The pipe | command is part of bash, as is the syntax with the $() . A different shell wouldn't know how to do that, and commands entered directly are not interpreted by a shell--they are just executed--so those two portions are not possible.
So, there are no other steps: just a launcher, that line in the command line, and change the icon. Even the hover text is optional.