Intel is not a stupid company. (usually)
The 12/5 chips SHOULD NOT blow up if inserted in a 2.8 board. Other way around? most likely. Again, considering the cost of the parts involved and their scarcity, its just not worth it to try, imho. In a properly designed system, an incompatible cpu wont kill anything if inserted into the wrong motherboard. it just wont post. If I was a betting man, I would wager a 75% chance it just does nothing, and a 25% chance of fire.
In THEORY... if you bypassed the onboard regulator, and gave the cpu the desired 5 OR 12v. It should IN THEORY work. I'm also willing to bet there will be other required modifications to make that work and I have zero desire to find out. like pulling certain lines high or low to tell the chip its in a correctly powered socket. i'm going to wager, its like plugging a Tualatin P3 into a Coppermine motherboard.
Once men turned their thinking over to machines in the hope that this would set them free. But that only permitted other men with machines to enslave them. - Reverend Mother Gaius Helen Mohiam