This definitely improved the situation, but in my case, didn't fix it. After granting print rights, I know get prompted with the "save as" dialog (as before), and after entering location/file name, Adobe goes on to attempt to print. However, the printer is giving a "printer not ready" response. In the print dialog, printer shows as ready, but if you go to print properties, the adobe tab shows a greyed-out Adobe log, and there are no options for Default Settings and Adobe PDF Security.
This, I think, may be an indication of something not completely or correctly installed. I have uninstalled and reinstalled Adobe Acrobat XI Pro, including cleaning registry and folders (having originally upgraded from Version X Pro with no install errors, and have run the Adobe updater to get the latest update, again with no errors.