12 amps won't damage an 11.3 amp peltier.
You can run less volts and less amps = less cooling. You can run a little bit more amps than the rating if you're cooling the peltier sufficiently (ie. water). If you want a powerful peltier then you will have to use a 50mm unit. Why are you insisting on 40mm? If your waterblock/heatsink/coldplate won't accept a 50mm then change to one that can!
I can supply peltiers to 280 Watts or more but certainly not in 40mm!
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