Digital BW, The Print

Does a RIP like ImagePrint obviate the need for custom printer/paper 
profiles, or do the two work in tandem?  I know that IP will respect 
embedded profiles, and I believe that Colorbyte supplies profiles of 
its own for various printer/paper combinations.  But I'm not sure if 
the profiles are a requirement or just an option.

I own an Epson 2200 and am anticipating an investment in ImagePrint 
5.0, and am wondering if it would be wise to first try custom 
profiling my favorite papers, or if this step would be made redundant 
by the RIP.

Thanks,
Dan