FR12 (Freeze 12) is a blend of several refrigerants, among them R134 and R12 and something else (escapes me).
It does not contain any hydrocarbons. And I believe it's made or distributed by Pennzoil.
I also considered this swap, but went with R134. FR12 is not readily available as is R134 and changing to R134 doesn't involve much more than FR12.
Just change the dryer, O rings, flush out the old compressor oil and change to ester, and away you go.
If you have a perfectly functioning AC system with no leaks, you could vacuum the system and go with FR12. But if you have no leaks, stay with R12 as long as you can and change to R134 only when you have to.