The dashes are not for emphasis; they are part of the text.
Put quotes around the paths specification "E:\Program Files\Ghostview \gs8.54\lib";" E:\Program Files\Ghostview \fonts".
The Ghostscript commands are explained at: http://www.cs.wisc.edu.
Save the Ghostscript command line script file as [scriptfilename].scr in the E:\Program Files\Ghostview folder.
Check the Local printer attached to this computer option and leave all other items unchecked.
Select Create a new port and choose Redirected Port as the Type of Port.
Do not choose the FILE: or any other port here!
If you are using Windowx XP/2000 and you do not have a Redirected Port as an option then the installation of RedMon (above) failed.
Accept the default Port Name of RPT1:, RPT2:,etc. by clicking OK. Select the default printer to associate with this port.
Select a PostScript printer even if you do not have the printer. I used the HP printer HP Laserjet 5/5M PS for the black-and-white printer. For the color printer I chose the HP Inkjet PS printer. Click on Next until you must name your printer:
Name the printer whatever floats your boat. Don't make it the default printer. Don't make it a shared printer. Don't print a test page.