I've made a couple of fairly hefty workbenches with 1" plate for the tops. One is 2' x 10'. The other - a trade-out with a guy so it is not in my shop - is about 3' x 8'. But my primary workbench is 4' x 8' with 1/2" plate for the top. All three of them have holes drilled in them for mounting vises, shop lights, and other tools. I routinely do some fairly heavy work on mine - I didn't build them to look at - and they've held up extremely well. If I had it to do over, there's really nothing I can think of that I would do differently. I don't think it's likely you can make a mistake in essentially whatever you use, as long as it's not something super thin like sheet metal. Given that it's only 8" x 12", I think I'd be inclined to first try to find a relatively thick piece of cut-off plate in the 1" range, or even up to 2" like RJ's. I doubt if it would be hugely cost prohibitive. You'd have a hard time wearing that out in two or three lifetimes. Based on your intended use, I think you could easily use 1/2" without being concerned about abusing it. Maybe even 1/4" plate, but that might be pushing it, if for no other reason, simply because of lack of rigidity.
Regards,
Terry