I have a 1201FP. I use it mostly for our club 3 gun matches. I use 2 3/4" 1oz, 2 3/4 dram trap loads. These are about as light as you can get. In MY 1201 they fire, and function fine. I always keep it spotless and well lubed.
If the 00 buck loads you refer to are a "reduced" load or "tactical" load as some are called, I have used lots of Federal's LE132 00 buck tactical loads without a problem . The reduced 1 oz. slug loads work fine as well.
Try it and see, thats the only sure way to know if it will work for YOU.