Hi, first, I am no expert, but - thinking of cost, I am sure that a good printer such as the Epson R300 or similar would for a start be cheaper than a Laser printer - with print quality just about as good, if not better.
I assume you are using XP, so this with Microsoft Word 2000 or similar will provide you with all the templates necessary for your requirements.
I have not, as you say, looked at the pros and cons, just my own limited experience.
Anyway, you have come to the right place - Welcome to the best Forum on the net. There will no doubt be many others coming to you with their own ideas too.