Hi,
two issues, one you have already alluded to, that the parallel port output is only 3V, witha driver of that age you'll need 5V.
The bigger problem is that driver requires CW/CCW pulse whereas Mach3 is Step/Dir.
The cheapest and simplest solution is to buy some new drivers, you'll want at least 50V capable units and they can be had for $20- $50 each.
Craig