I am currently using an Ortofon 2M Black with my 312S and Technics SP10 MK2a and Porter Plinth. I think the arm and cartridge work extremely well together.
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You have many choices with the adjustable gain on your 1201. I don't know what the best would be but I have used a Dynavector XX2 MKII with good results. A couple others might be a Shelter or a ZYX. My 312S is on an Technics SP 10 MK II with the Krebs mod mounted on a plinth I made finished with Brazilian Koa.