My money is on you having bigger fish to fry. Check this out:
http://www.e30tech.com/forum/showthread.php?t=82528If you have any history at all on the car you should look there to see what is the what.
A little quick info:
R12 is a better refrigerant for cooling than R134a, but is STUPID expensive generally and WAY illegal to be messing with on your own any longer (as I mention in the above thread, on the order of a $25k fine). As Dave mentioned, the O Rings usually have to be changed to work with the R134a. I didn't change the O Rings on my last E30- '89 325is- when I had a shop do the conversion and it blew CRAZY cold and was under $200 for the repair.
On my current 318is I flushed all the lines, changed all the O Rings, the receiver/dryer, the expansion valve, and eventually the compressor and then had a shop pull the vacuum and fill it. Not that I need AC here in Germany much since it's generally so flippin' cold and always raining, but it works really well.
IMO, you will need at the very least to change the receiver/dryer and probably put in a new expansion valve to do it somewhat correctly.
Dave, the compressor in mine was a Nippondenso and I replaced it with a new one. Read; OUCH!