I'm going to watch this thread like a hawk, since I have most of the left-overs (glass, wood, etc.) to do exactly the same thing.
If I take the plunge, mine will be 96" long, 14" tall and likely 18" wide (possibly down to 15" wide). I will mount it above my plywood 360, and feed one end of it with a dedicated pump from my existing sump, have a unidirectional flow along the length and then have the water overflow into the 360. Plenty of rounded rocks, rounded-gravel substrate, bright lighting, likely no plants other than algae (but lots of that). It will be a pretty simple add-on to my existing tank, since the long one won't require its own filtration hardware, other than the pump and likely a wavemaker or two, all pointing the same way.
There is a thread on here about a similar set-up, where the member has 3 or 4 such tanks, stacked on a rack, breeding lots of hillstream loaches. I would likely put my Panda Garras in it as well, as they spend a great deal of time adhered to rockwork directly in the outflow of the two wavemakers in the main tank and I think they would benefit from the current in this new one. I think that smaller Danios would also add life to a strong-current set-up.
I wouldn't put anything larger than a couple inches into my tank (or yours), regardless of whatever the accepted formulae say. Fast-swimming fish, IMHO, need much more than a mere 1.5x width to look and behave naturally. I'm not saying that they need more space for their own health, although I could easily be convinced that is true. However, at the end of the day, I need to be comfortable with the idea that I am providing proper conditions, and the idea of looking at an 8-inch fish zipping back and forth in a 12-inch wide tank simply doesn't sit right with me. Even with tiny fish, your tank has a volume of just over 50 gallons, so you have space for a couple of good-sized schools of small fish, but certainly not "huge" numbers.
I think that a tank like this could produce a healthy growth of hair algae, which can look surprisingly lovely if kept under control and with a good current blowing it sideways. My tanks have a bunch of hair-algae-eaters, so I would have a ready market for the stuff as it developed. Your 12-inch depth will likely cause a riot of algae if you have decent lighting, so having at least some fish that will eat it would be beneficial.
Another approach which I think could be very attractive would be a much slower-flowing tank, heavily planted with Java Moss and perhaps some grass-like plant like dwarf Sagittaria, plenty of leaf litter on the bottom and a nice colony of freshwater shrimp. This could easily be filtered with just a couple of sponge filters (i.e. not a stream tank), and without predators on hand the shrimp will breed like gangbusters.
Good luck, and keep us posted with your decision!