That's actually a fairly reasonable method Yellow, and with reasonably high-end monitor/printer and calibration you shouldn't have to go back and forth that often. If you have the cash there are monitors out there that will alter the whites displayed on screen so that they look more like/match the paper profile you are printing to, rather than appearing so much like illuminated pixels, they also cost an absolute small fortune.
To the OP. If you want something for small prints or just something cheap to test your colors or a crop of your image at full size, Canon's SELPHY line is both cheap and of fairly high quality. You might want to read reviews because other vendors sell similar products that might be as good or better, I don't know because I was given a SELPHY and never considered it for purchase first, but the results it's capable of are quite, quite good and I have an older one. For bigger printers, I don't know the current market at all and cannot help you, good luck though.
If you want a bigger printer the Canon Pixma Pro 9000 II is quite good, at least in my fairly unknowledgeable opinion. Although I did pick it up for $200 MIR off, so $200 total, but despite that I've been pretty please with it. I'm still playing around a bit with my processing to print, but it works great with LR4, has all the Canon paper profiles, and has a pretty easy setup & reasonably quick print times.