If your going to run R134 in your R12 based system, you have to stay with that R134 from that point forward. (You can't go back.)
Also you should replace the Reciever/dryer (the can with the sight glass) as it's a filter and dessicant container, and holds/retains some oil and traps water in the system. If you convert to R134 w/o changing the Reciever, you are going to contaminate the R134. IIRC, it's the oil used in R12 that is not compatible with the R134 stuff.
Side note: R134 is not as good as R12 at doing it's job, so you need more of it, in a larger system to cool the same size interior. IE: They make the new R134 systems much larger than the old R12 ones.
Every converted R12 system will not get as cold as it used to. Some are so marginal it's not worth it IMHO. In traffic, at a light in 100+ weather, your going to see the R134 fail to keep the car cool.
I don't know about Freeze 12, but I've heard it's better than R134a.
One more note is fuel economy. The R12 stuff is going to get you the best mileage as the system does not have to work as hard to maintain the temp your asking for inside. (Automatic systems on the Supra.) My car is getting better than 20mpg at 82mph with the AC on at 69f. With the window's down, I think the mileage is about the same, so I'd rather have the cooler, quiet interior.
Technically you could run many types of gas in there, including propane, but when you wreck the car, the gas would either kill you as a poison, or burn you to death when it catches fire. The Dupont Freon's are less leathal, and more effective when charged/designed right. (How about an amonia based cooling system? Cheap to charge, but it would kill you if it leaked. Amonia loves water, and will go after wet tissue like your lungs and eyeballs first, then the rest of you as time allows.) Good thing they don't use amonia, and should not use propane in AC eh? (I've heard an urban myth that an AC system charged with propane caught fire and burned the car down with the driver, but never actually seen any photos, or the police report etc.)
BTW, my gauges/hoses etc. are all Robinaire. (Made in South Africa actually.) Freon is Dupont R12, and I have a nice 30lb bottle of it, with about 16lbs left. (Had this stuff for many years, bought it before they outlawed it in the USA, but you can go to Mexico right now, and buy a full bottle for a few hundred bucks. If you get caught at the border, they will fine you and confiscate it however.)