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Since links would appear on the dynamic pages, would this approach be considered cloaking?
Not if these printer friendly versions are shown in exactly the same way to any useragent. Cloaking is showing different content depending on what useragent is. There might be issued with duplicate content on site, but ratio of duplication should not be that high and any search engine that is looking for dups should allow leeway to allow useful functionality like "show printer friendly".