I have a Canon MP640 (it's a photo printer) and I don't have anything like that either.. do any of these options save ink?
Hi there! I was also wondering this same question myself... feel stupid for not seeing that "drop down" arrow that's there all this time I've had my mbp... Sigh.
Anyway I also have a Canon i860 printer. You can save ink in the Quality & Media section by clicking on "Detailed Setting" >> dragging the print quality to "Fast" >> and perhaps checking the box for "Grayscale Printing" if you don't want to use your color ink.

Happy printing!