According to the licensing FAQ's I should be allowed to create an Adobe PDF Printer on the network so long as I control access to the printer to only those users with purchased licenses...
Yes, provided that (1) such use is limited to licensed users on your internal network and (2) you procure a license for each such user that accesses, uses, or otherwise receives beneficial use of such software. No other network use is permitted.
So, why is it that I am having such a hard time figuring out how to create an Adobe PDF printer on a server? Do I need to install the full product on the server? What about adding drivers for 32 and 64 bit? Any advice or guidance would be greatly appreciated.
Adobe PDF printer gets installed with Adobe Acrobat product (Both Standard and Professional). Setup recognizes the system configuration (bit version etc) and installs it accordingly.
You cannot share it over network, untill unless, users who are using it have licenses (Or if you have already purchased multiple licenses of Acrobat). If you install it on a server (TS/Citrix), you need to buy multiple licenses for the number of users who you think will be using the product/printer.
Let me know if you need more information on this.