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I assume you mean R-134a. The answer is, "it depends." If you want to go the whole hog, and replace all the old stuff with new, and pay somebody to do all this, it will probably cost well over $1000.
OTOH, if you want to do the minialist version, all you really MUST do is replace the receiver/dryer (plus the oil in it), replace all the o-rings, and recharge with R-134a. You'll need to have a qualified shop evacuate all the R-12 out (assuming it hasn't leaked out already), but they'll probably do that for free because that R-12 is worth over $100.
Why not do the "mechanicals" yourself, and save the money. Then I would take it to a shop and have it tested to make sure it will hold a vacuum, and charge it myself. Just remember when you're charging with R-134a, you only fill it to 80 percent of the R-12 capacity.
If you need help on the how to's to all this, let us know. I'm on periodically, and flush with new knowledge from taking the A/C class this summer (primarily so I could get officially R-12 certified). But there are others who know how to also.
I went the pay someone route. I needed a new compressor, replaced the VIR (dryer) bottle, new hoses (had a hole in one), flushed, filled with 134A. Cost was just at $1,000. But it was worth it. It blows nice and cool now. I wouldn't say frosty cold, but it keeps it nice and comfy inside on hot days.
Yes, an R-12 compressor can be used with R-134a. The compressor doesn't care what it's compressing.
The only compressor-related "issue" is with the lubricating oil. The recommended procedure is to replace the R-12 refrigerant oil with R-134a-compatible "PAG" (poly-alkaline glycol) oil. But R-12 oil that has been "conditioned" (i.e., used with R-12) works fine in R-134a systems (and is EPA approved, so this isn't just a "bubbism").
The bottom line is that if you're converting a working system, just change the o-rings and the receiver-dryer, and leave the "conditioned" oil in there. OTOH, if your system has been inoperative for some time, you need to replace the oil with either PAG or an R-134a compatible ester oil.
lyonsh, don't you have to change or add adapters to the R-12 charging fittings? Aren't these obviously non-original (thinking of a judged car)?
My AC system is completely disassembled because of the restoration. I will replace the o-rings and drier, and flush all the parts when I reassemble the AC, so that part is no biggie. Would you recommend making the changeover to R-134a; i.e. does it cool well enough to make this worthwhile?