Perhaps I wasn't clear. I had deleted all printers (long story) and then opted to add a printer via System Preferences. Apparently, the driver was quite different from Epson"s. Consequently, I deleted that printer and downloaded and installed the driver directly from Epson. Among other things, the driver from System Preferences did not allow me to print in Draft Mode. I don't remember the other options that were unavailable, but suffice it to say that I'm sticking with the Epson driver.
I am using the "added via System Preference" Epson driver and I have a "fast economy" mode. Don't know how that compares to Draft Mode, but it seems to be a comparable option.