Can you get the required flexural capacity at the wall/footing interface with a single bar down the middle? I would think that a 12 foot tall cantilever wall with some kind of thrust and/or wind load applied at the top will probably require fully developed bars near each face. You will have to resist all 22 feet of wind, so just wind gets you 20 psf x 10 ft/ft applied at the top of the cantilever, and a uniformly applied 20 psf on the lower 12 ft, gives you an unfactored, WAG estimate of 3.84 k-ft/ft of moment at the base of the wall. With centrally-located #7 bar at 2 ft on center, (jd=3") it calcs to about 30 kips per bar, or 51 ksi, before factors (and applying the correct wind values.)
Be sure you have adequate cover to confine and bond the bar to the grout. Also, be sure the dowels to the footing are hooked or otherwise fully developed into the foundation, or the wall won't actually cantilever. DO NOT ALLOW wet-setting of the dowels under any circumstance. Code requires that they be tied in place before concrete is placed (in which case, the number, spacing, and location are just details.) Wet set dowels NEVER fully develop the bar as required by code, primarily because they are placed after initial set, and they are typically not consolidated properly (since vibration to consolidate the concrete will cause the dowels to move.)
After reading more recent responses (I started typing on this last night), I'm not sure what the purpose of this wall is. You said foundation, but it is only one end and it will be covered with siding. I don't understand the intended function of the wall. Is it actually taking any lateral load from the building, or is it just self-supporting?