To start off, atleast some decent guards. Jump shot is essential in this offensive tactic. Its a medium/fast speed. If your PG has good passing, that would make this tactic more officient. Doesnt need to be super great. Atleast decent enough to get a good assist off.
It's not a medium/fast speed -- it's the slowest tactic in the BB playbook.
The PG guard having Passing makes just about any tactic more efficient (but it makes inside tactics "more more" efficient). Princeton is an outside tactic.
Just as in any outside tactic, most players should have decent JS and JR. Those who don't should have at least some passing.
Since this is a slow tactic that will look for better shots (which means more passes), you will generally benefit more from having a high offensive flow.
"I don't know half of you half as well as I should like; and I like less than half of you half as well as you deserve."