Here's what I'd do to try to fix the ac. First locate one of two service valves and remove the 9/16" cap. Press in on the schrader valve and see if there's a stream of refrigerant that shoots out. If there is, you have not lost the entire charge which would admit air into the system and would require a change of the dryer, evacuation of the system and recharging with refrigerant. I understand that there are R12 substitutes available but have never used it.
It is my understanding that R12 systems use different oil than R134 and that the condenser needs to be changed in order to work properly also.
GM ac systems are notorious for leaking shaft seals as evidenced by the accumulation of oil between the ac clutch and the compressor.