As I have indicated on these forums in the past, only those versions of Print Shop and PrintMaster which require NET. Framework 1.1 cannot be installed on Windows 8.1. But, that is only because NET Framework 1.1 is not fully compatible with Windows 8.1.
Any version of Print Shop or Printmaster which can be installed on a 64-bit Operating System should install quite nicely on Windows 8.1.
Since Print Shop 12 does not require NET Framework 1.1 and since Print Shop 12 can be installed on a 64-bit Operating System, I have successfully performed a FULL install of Print Shop 12 on Windows 8.1. The only time the installation hesitated was at the very beginning. But, after I waited about a minute, the installation proceeded without any problems, other than the fact that when I was asked to switch disks, it was necessary for me to click on OK several times before the installation would proceed. And, after the installation was successfully completed, I successfully installed the Art Discs. And, I was able to complete the installation without using the Run as administrator option.
As can be seen here
even though Print Shop 12 can be successfully installed on a 64-bit Operating System, there are several things that must be kept in mind, which are related to the fact that Print Shop 12 is so old.
As to your comment that your installation hanged at 1% when it says Installing True Type Fonts, I did not see any point at which the installation indicated that it was installing True Type Fonts.
If I were you, I would Restart the computer, insert the Print Shop 12 install disc before opening any other programs, then proceed with the installation in the normal manner.
If the installation still hangs, I would click on the link below
then perform a computer cleanup, as is described in that FAQ - keeping in mind that after you go to Start | Run then type MSCONFIG, what you will see will be slightly different than what is described for the earlier operations.
After the computer cleanup is completed, I would restart the computer then attempt the installation again - making sure to wait a while if the installation stops at any point, in the hope that it will eventually proceed successfully.