The PDA have CF 3.5 on board (same version of the other working model) I also tried to downgrade to CF 2.0, having the same result "IOException" opening the port.
Seems that something is moving... because the error is not immediate (seems after a timeout) and it change if BT slave is ON or not...
If the printer is ready and paired it shows "IOException" Error message opening com port
If Printer is OFF it shows "The COM port COM... does not exist" opening com port