Muovimies, you're far from alone in suspecting the Acutex compliance specs. Much has been said about that in the various Acutex threads. Also, most of us have settled on a VTF quite similar to that which you have. (I'm at 2.0g.) I don't think you'll get much argument from any of us regarding those topics.
As I mentioned in another post, most of us reporting favorably on the M312 III STR are using them on arms that are on the light side of mid mass, not light arms as you suggest, and one of the particular characteristics that gets high marks is, in fact the bass. I don't know on what you're basing your suspicions on but my own experience and that of others (of which I'm aware) would seem to be at odds with your various hypotheses.
So, what sort of mass would you consider too light for this cartridge? Also, do you happen to know the effective mass of your AS-212? I couldn't find that information but, just from looking at it, it appears to be on the heavy side. I realize that looks can be deceiving but it did make me curious.
It's worth noting that Acutex offered a modular headshell called the Saturn V with the 200 and 300 series. (Not sure about the 400s.) By itself, the Saturn V weighs a whopping 5g.

There is also a 5.5 g accessory weight included with the headshell. The cartridge itself, minus the 1/2" adapter, weighs 4.25g, meaning that the assembled cartridge and headshell would weigh either 9.25g or 14.75g. This suggests that Acutex, at least, envisioned this cartridge being used on tonearms covering a wide range of effective mass.
[EDIT] I should also add that I have a Saturn V but don't use it. The reason is that the headshell doesn't hold the cartridge securely and, after a few sides, the thing starts to resonate like crazy. It has also been reported that, in some cases, the stylus doesn't seat well on the cartridge, causing the same sort of resonance I experienced with the Saturn V. It occurs to me that this might well be the source of your displeasure with the 312. I've heard of people solving the problem by "Super Gluing" the stylus to the body but that strikes me as extreme. With my Saturn V I firmed up the fit between cartridge and headshell with a couple of little pieces of Blu Tack, one on either side of the cartridge. Maybe you could do something similar with your cartridge. Also, make sure that the screw which clamps the 1/2" adapter around the cartridge body is snug.
John