This journal printer setting is similar to the one that MS office document imagine printer driver has called "TIF monochrome fax", but the Office one for some reason seems so much better. The end result is nicely anti-aliased looking and not all pixelated like the journal result often is. Amazingly, by printing to the Office writer as a TIF and importing that into Journal, not only is the end result nicer looking, but the file size is dramatically reduced. (On my 2 page test document, the Journal-printed file was 116kb, but the printed-to-tif and imported was 43kb).
The pictures below show the difference.
File printed to Journal using "print as image" option:
The MS Office Document image writer:
Resulting TIF imported into Journal:
Anyway, if you have Office, I thoroughly recommend using this option for troublesome files!