Good question. In all my years, I don't recall reading a great deal on this subject. I think that both the 340 Invaders and the fan cooled Intruder call for the 1.5 size. Only the 440 Invader called for 1.2. You would think that the 440 Invader would need a larger inlet than the others, since it develops more HP, and would require more fuel flow???
I replaced the 1.2's in my Invader 5 or 6 years ago when I could barely see a tiny groove developing on the needles. I remember having to search a while to find some. Everybody in the world carries the 1.5's, but 1.2's are kinda uncommon. I would encourage you getting genuine Mikuni parts...there are some cheap, aftermarket (Chinese) parts out there.
I think I would try to find another 1.2 inlet needle and seat when you can....not sure there is a real good reason...perhaps someone on here can share some further insight.
But, seeing your in Ontario and probably want to get riding, I would put the 1.5 in and go. The new assembly will certainly regulate the proper fuel level in the float bowl....I would think...anyone else?