As TrentB can tell you, my original plan was to use the single 5" cone. But I was getting all this feedback from people saying that the voicing of little 1203 hit the sweet spot, so I decided to go with "two 1203's shoehorned into one box". I can certainly make one with the single 5" cone, but I'm not sure what to call it, because "Hathor 212" is already taken. Maybe "Hathor 212.5"?
The 5" mid is a bit closer to the sound in my head, but I'm not a bass player.
I doubt any of that was helpful!
My 115s are actually about 1.5 dB more efficient than my 212s (that's not counting the increased upper-mid bumpage of my custom 15" woofer). The higher power handling of the 212s puts them back in front by about 1.5 dB given sufficient power. But in practice, the louder upper mids of the 115s make them sound like they have just about the same overall max SPL as the 212, with the 212 having a stronger bottom end.
As you correctly surmised, the two motors in the 212 do result in a more percussive low end, with less compression when pushed hard.
You mentioned the 43 pound weight of the Hathor 212 (glad you like it!)... that would probably climb to 45 or maybe even 46 pounds with the single 5" mid. Not only does it weigh more than the twin 3" mids combined, but I would have to use larger inductors in the switchable midrange smoothing circuit, and those big inductors aren't light.