The answer is difficult, but in the end, you just cannot use VS2012 for development !
Some points:
You can use each Studio Version for editing, and newer versions have some nice enhancements that might support you in the editing process, while still VS2005 has a complete intellisense integration.
The problem is that the MicroSoft C++ compiler (and most other compilers) have 'small' changes from version to version, which might or might not influence applications that load a dll compiled with a newer version. In our case (MDL Apps) we figured out that there are changes that affect MicroStation. We blamed it on data alignement (i.e. 4Byte vs. 8 Byte data alignement) but that is currently a guess. The only thing that we know, is that the same app compiled with the 2005 compiler runs as expected while a compilation with studio 2010 leads to unexpected behaviour (in some cases).
The next problem you have, is that VS 2012 support is not implemented in the AssertToolSet.mki. This is a include file that enables the usage of different compilers. You might enhance your AssertToolSet.mki. but this is not suggested and a compilation with VS2012 (if realized) might lead to even more complications than those still figured out with 2010.
So your best bet is, to find a way to get the 2005 compiler, eventually edit your files with 2012 (take care that some functions/methods might not exist in 2005) and compile them with 2005.
HTH Michael