I'll answer my own question. I think Acrobat is broken and doesn't print accurate press simulations even if you check "Apply output preview settings". At least that is the case with an RGB printer through the driver. I've tried a lot of different options, but none of them worked. I even converted the color to the output intent in Acrobat (as an experiment) and them printed. No dice.
Both InDesign and Photoshop print press simulations properly, but Acrobat X Pro does not.
I just wanted to post this in case somebody else has a similar problem. If somebody finds that I am mistaken, please let me know and post the correct steps or settings to get an accurate Press Simulation on an inkjet from Acrobat.
Lou