12 items will make it too tight and scaling down the text will affect the visibility on some cameras.
I was able to squeeze 10 items in.
The image to the left is the same layout, just slightly resized, and has a larger text, the one to the right has smaller text, and is slightly more spacious.


I still have to check the readability for that one to the right.
I think that, alternatively we could keep 8 items per tab, but add scrolling to the menu.
We could put the most used, and most important first, and put the extras and less commonly used functions to the bottom.
Here's a preview of how it will look at my camera:

Still very readable.
I had to cut off the top bar on this one so it would show in the correct size in the camera.
Finally I want to ask Arthur to make a menu design with current ML layout but with proportional condensed font. Like the size you use for item help. And maybe try to adapt the selection bar with the black inner bar inside the blue for even more contrast. But keep the icons left. I think that would make it look better.
You say the same blue as the current ML selection? I've tried using the same blue as the current ML highlight color around the black square, but that color makes it hard to see, it has to be a bright color that that is not white in order to be really visible.
About the icons, I'm planing on trying to put them somewhere, either the left or right side, also I'm thinking about redesigning them, so they would match the layout, instead of using colors to indicate the states, I'm thinking about using shapes and other symbols to make it easy to understand without breaking the design.
Also it might be possible to use a combination of colors and shapes too, but I think that its better to decide the basic layout first, this way its easier to design and fit the icons later.
I also think that the idea of wizards are really good.
And yeah, I'll be a problem where there are lots of entries...

But I guess we can either change the entries or maybe add scrolling to the menus.