If you are just printing badges, how much info is there really to deal with? It seems to me that you can easily serialize the necessary data (backgroundImage, first, last, company, title) into xml. That can be sent to AIR, deserialized, laid out, etc. Then create the PrintJob on that side.
I thought that you were trying to print arbitrary stuff; if it is only simple stuff, there probably isn't too much business logic to recreate on the AIR side. (And I have never done printing from Flash Player where I didn't have to go back and re-layout everything specifically for the print job anyway, so you will have specialized logic.)
