A 12mm will give better feel and power, but they are hard to find.
Guzzis used a 11 mm M/C with two similar calipers with no problems , and some folks have been known to sleeve down 13mm cylinders and fit the piston and seal from the 11 mm Guzzi M/C.
Properly set up you wont notice the difference in lever travel , but it can be difficult to achieve - most modern M/C assemblies have a adjustable lever which makes it easy.
Pads make a big differeence too - Lucas/TRW make a modern pad for the OEM caliperwhich is reputed to work well and Vesrah pads are good and cheap if you end up with a later caliper.