The opinion I've gathered in recent times says that yes, in more peoples opinions than not, it's the parallel port speed that is the limiting factor. Mind you...I haven't done tests to confirm this.
You probably should confirm it, if there is a problem with speed it's more likely going to be because the CPU can't guarantee that data will keep flowing to the chip all the time.
But it might depend on what the protocol is doing, if it's having to reverse direction on some pins constantly then the built in parallel port might not be able to keep up. But your add on parallel port might not be any better.
Ideally you want a parallel port that can constantly DMA to the MASPlayer without any interaction from the CPU. I don't know of any DMA parallel ports though.