I'm not a huge fan of the 12-50, but I dove with the 12-40 for many years in a 170mm dome and liked it much more. Crop a bit and the near macro quality exceeds the 12-50 (IMO).
Coincidentally, I just dove my AOI OM-1 housing for the first time yesterday in a pool, and it replaces an AOI E-M1mkIII set up. I have no complaints about the AOI housings; they're compact, well built, and affordable. Using the 12-40 is doable on those housings but requires a clunky port adapter; well-engineered and workable but kind of defeats the purpose of the small housing size. Here's what I ended up doing instead:
I bought an INON PEN dome for the Oly 8mm fisheye, added the AOI 34mm extension ring, and use the Oly 12-45 lens. It's a significantly smaller form factor, and the optics just work, even though the port was never designed for it. The problem is that the port is discontinued; I scratched it pretty bad on a recent Puget Sound trip and ended up having to buy the OMD version of the same port just to get the glass to have Backscatter fix my screw-up; totally worth it because of how stellar this port works for the size- it's at least as good as the 12-40. In doing a bunch of research before going through all the trouble, it turns out the Inon PEN dome is a little bit wider than most domes meant for the fisheye lenses, so it's possible that's why it works so well. That said, if you're going to be putting your Panasonic 8mm in a mini-dome anyways, it might be worth trying the 12-45 as you would just need a 24mm extension ring (to make the port the same length as needed for the Oly 8mm) and the 34mm extension ring. The lens itself can be found fairly easily used for 350 or so; add that up and you're saving money compared to buying a second dome and the OMD adapter to port the 12-40 (disregard this advice if you're also planning on porting a wide-angle zoom like the 8-25; if you are, skip the 170mm and get the 8" dome). If nothing else, having the 2 sizes of AOI extension rings comes in handy because you can add one or the other to the cheap AOI flat port meant for the 14-42EZ lens ($200 at Backscatter) and now you've got a macro port for the Oly 30mm/60mm lenses.
Alternatively, the partial PEN dome port made by Zen and AOI intended for the 9-18 is what the port charts call out for the 12-45, and I've seen them used for $200 or so. I just like having one dome for both the fisheye and the zoom (it also works with the Panasonic 9mm, but it's not great).
This post is getting long, but I've tried a lot of different lenses and ports from the M43 ecosystem; happy to take a swing at any questions you may have, and I'll try to get a photo of my housing and dome to show how compact it is.