The first question is how much power do you need for your application? If this number is too big, we can forget this discussion entirely.
The second question is how much power can the hosts rs232 drivers provide without overheating (their cooling solution was designed for signaling, not power delivery).
Are designing for a known host, or need it to work with a generic host? +/- 12V may be a typical voltage, but the actual standard is much less restrictive. You may run into ports that only transmit +/- 8V or 15V or even 5V. And on reception, your design needs to tolerate anything up to 25V.