Will my late 2012 macbook pro - 2.6 i7, 750gb HD, 16gb ram be fast enough for Yosemite? My late 2012 macbook pro - 2.6 i7, 750gb HD, 16gb ram OSX 10.9.5 has been running very slow of late. 

Ive been trying to trouble shoot the issue for a while now, but together with the time spent trouble shooting and the time spent while the machine is running slow ( can take up to 20 - 30 mins to awake and be usable from sleep).
That Mac should have zero issues running Mavericks, Yosemite or (when it comes out) El Cap. it's a fast system with gobs of RAM and a nice big drive.

The sluggishness could be from a variety of sources but if you want to go ahead with a backup, wipe and restore that would be a good way to continue with your troubleshooting.