Jared,
If you don't have a table saw, I'd suggest you pass on ripping 2x12s and up-scaling a bit. Get 2x6s. All you have to do now is worry about getting the corners down. If you're crazy enough, you could even glue them up as is and hand plane them flat when your'e done.
That said, I made my top out of 2x12s and had no problems. My approach was to buy the longest and best stuff. Did exactly what you're planing and it works fine. 4 years (or 5?) later, it's perfectly adequate. It was, however, a Imperial crap-ton of work.
I do have ambitions to make a new bench to make improvements in design (different tail vise, different joinery from top to legs, probably skipping the tool well, blah blah blah) and will not laminate the new top. I'm getting the biggest stuff I can and am shooting for no more than 3 glue joints in the top.