Ahh, never mind, as this is not important. This 72 dates from the beginnings of real puter days because Apple printers used them, and also because in the print world 72 means 12 times 6 points. Photoshop still sets type in points. you can check under "preferences". You can still choose between the "real" points, 72,27 and the postscript simplification of 72.
What is important is Image>Image Size. There you can set to piels so you can know exactly how many pixels you have at your disposition. Then, when you uncheck "resample" and change the number of pixels that will fit in an inch, the final size will of course change, but the quality will increase when you use more pixels to define each inch.
For normal desktop printers, even photo quality, you will not need more than 150-200 pixels per inch. The rest is really pure overkill. 300 can be used for professional offset printing, but it is less sharp than 266ppi.
My way of looking at things is: say you have a size of 2400x1800 pixels.
Try out a print at 150 and 200 pixels per inch, and look at the quality. The main difference will be that at 150 the size will be 16x12inch, and at 200 it will be smaller, namely 12x9 inch. For most normal work and quality, 150 will do. But you can play with the ppi and set to, say 178 if you want to change the printed size without resampling. What will happen is that your printer software will do the resampling for you.
Whether the colours will be correctdepends on something else...