http://en.wikipedia.org/wiki/Diminished_seventh_chord#Diminished_seventh_chord_table
If I'm reading this right, the construction of a diminished chord--in this case, a diminished 7th chord--requires:
Root + Minor Third + Diminished Fifth + Diminished 7th (not major 7th)
But flatting a 7th is double flatting a maj7 ... aka you always go to major 6th.
http://www.pianochord.com/C-diminished-7th/variation/C-diminished-7th-flat-5th
So for a Cdim7 you get:
C Eb Gb A
Root: C
Minor Third: E -> Eb
Dim Fifth: G -> Gb
Dim 7th: Bb -> Bbb or "A" (Maj 6th)
Let's do the same for Fdim:
F Ab B D
Root:
F
Minor Third: A ->
Ab
Dim Fifth: C -> Cb or "
B"
Dim 7th: Eb ->
D
And the same for Abdim (also G#dim):
Ab B D F
Root:
Ab
Minor Third: C -> Cb or "
B"
Dim Fifth: Eb ->
D
Dim 7th: Gb ->
F
If you notice, the notes that build the diminished chords for F and Ab share the same four notes. So are they the same things? Sort of--the only remarkable difference is the designation of the root note. The bass note so to speak for an Fdim will be the F, while for Abdim it will be an Ab.
This brings us to the ukulele. We have four strings and roughly 2 octaves to work with. Our lowest note is a C for re-entrant tuning or a G if you have linear tuning. Playing Fdim and Abdim both as 1212 is acceptable because we play the same notes, same chord--just in a different voicing. In order to pull off the chord as written, we'd have to search up our fretboard and start with F as the root and fit the other notes around it. If you try it, you will find that 4545 works too. But wait--if you move up 3 more frets...7878 also works!
If the light bulb hasn't clicked already, let's look at Bdim: B D F Ab
Root:
B
Minor Third: D# ->
D
Dim 5th: F# ->
F
Dim 7th: A ->
Ab
So you would be correct--1212 covers all of those chords! Funnily you forgot to mention Ddim which 1212 is most like if you consider D to be the root and you build the other notes around it. Hope this helps!