12s will run all of the sizes but as you go up in blade size it will stress the power system more. The 766 on 12s will weigh in a bit less than the 14s setups but I'd rather have a touch more weight and a system that runs cooler than light weight and less flight time/hotter electronics.
For everybodys info, the 766 uses a 139t main gear and the currently available pinions. This gives you the ratios of: 11:58-12t, 10:69-13t, 9:92-14t, 9:26-15t. On 12s with a 450kV motor you'd get a theoretical max head speed of 1,841 RPM with the 12t, 1,995 RPM with the 13t, 2,150 RPM with the 14t and 2,303 RPM with the 15t. I figured this conservatively at 3.95v per cell. So if you're considering a 450kV motor I'd probably opt for a 13t pinion. That should give you enough overhead to keep ESCs for getting angry!
And like Danny posted, flight time will solely depend on head speed and type of flying.
I personally will be running a pair of 766s with identical setups but one of them will be stretched to an 806.
Motor: Xnova 4535-460
ESC: YGE 160HV
FBL: Futaba CGY750
Cyclic: Futaba 9352HV
Tail: Futaba BLS276SV
766 & 806 Rail main blades
116 Rail tail blades
I hope this helps and as usual don't hesitate to ask questions, I'll answer what I can.