Hall sensor simulation

If the pulse width is 85 microseconds, there won't be much of a gap between them at 12kHz.
If you are using a Uno etc, you are limited to 1 16 bit timer and 2 8 bit timers (really only one of which can easily be used).

What level of granularity do you require ? Would the following example be fine enough :

Frequency Steps (KHz)    Period (uS)
---------------------    -----------
12.5                     80
10.0                    100
8.33                    120
7.1                     140
6.25                    160
etc.                    etc.

If so, you could probably get away with one timer. However, if you require a continuously variable frequency, it will clearly not be sufficient.