Thanks to all for the comments.
I have completed my build, and with non-low profile RAM the 212+ does block the DIMM closest to the CPU if the 212+ is installed in its as shipped configuration (fan pushing air over heatsink. However, there is plenty of room available when the fan is relocated to the opposite side of the 212+ (pulling air over the heatsink). I detected no difference in core temperatures with the fan in either position.
I do not have any low profile RAM available, but it looks like low profile RAM would fit with the 212+ fan installed on either side.
Asus P8Z68-V Pro/GEN3 MB
8 GB Corsair Vengeance RAM (2 x 4 GB)
Corsair Obsidian 650D case