I haven't yet seen a letterhead function on printers, and either way you would have to remove the old spacing on the letters that you have already created. I would suggest updating the templates.
What kind of printer is your office using?
On another note, you could always print the letter head or copy your own, and then print on the page.
Can you create a template within your word processor that contains your letterhead's text and graphics?
Open the template to begin a new document and you'll have your letterhead.
Should get you what your looking for.
› Printing issue is wasting my paper!