PostScript print server with non-PostScript printer

Hi guys,

I have a special gem of a strategic question for you.

Lately I acquired an OKI C301dn color laser printer capable of duplex printing and USB/LAN connection. The device was dirt-cheap so I did not do much research, but now I know why it was dirt-cheap:

The printing quality is quite good for document printing needs, but I found out the printer can only handle host-based printing operations, has only 64MB of RAM (not expandable) and can not handle PostScript. Not enough for multi page print jobs with lots of raster data, as the available printer drivers for Linux cannot handle data compression (or the printer can't).

Before disposing the item, I was asking myself if I could set up a print server on the FreeBSD machine that would work as a spooler. It would need to be able to accept print jobs from machines on the network, handle postscript (PostScript --> driverless, at least for the clients) and feed the printer slowly and tenderly so it would not choke due to lack of memory.

Is it possible?
Which software used?
Any other ideas to achieve similar results?

Thank you & cheers,