No, if they just stripped away unused features so the X.org Server would not be a full implementation of the X11 protocol, then that would not be X12, it would be a partial implementation of X11 or a a implementation of a subset of the X11 protocol, or X11 light.
X12 is an another protocol and a discussed successor to the X11 protocol.
http://www.x.org/wiki/Development/X12
Also, Wayland is something different. Also, since Wayland can use XWayland to run X.org Server on top of Wayland, then we could still cut fat of X.org Server while using it together with Wayland.