Just FYI:

Here are some changes I had to make to get Arduino 1.6.8 and Teensyduino 1.28-beta1 to work correctly with Visual Studio 2012 v11.0.61219.00 Update 5 and Visual Micro v1603.1.0:

In Arduino/hardware/teensy/avr/platform.txt:

...
## Create archives
## recipe.ar.pattern="{compiler.path}{build.toolchain }{build.command.ar}" rcs "{build.path}/core/{archive_file}" "{object_file}"
recipe.ar.pattern="{compiler.path}{build.toolchain }{build.command.ar}" rcs "{build.path}/{archive_file}" "{object_file}"
...

...
## Teensy Loader
## tools.teensyloader.cmd.path={runtime.tools.avr-gcc.path}/..
tools.teensyloader.cmd.path={compiler.path}

...

## tools.teensyloader.upload.pattern="{cmd.path}/teensy_post_compile" -test "-file={build.project_name}" "-path={build.path}" "-tools={cmd.path}" "-board={build.board}" -reboot
tools.teensyloader.upload.pattern="{tools.teensylo ader.cmd.path}/teensy_post_compile" -test "-file={build.project_name}" "-path={build.path}" "-tools={tools.teensyloader.cmd.path}" "-board={build.board}" -reboot
...


For recipe.ar.pattern: I had to remove "core/". Apparently it looks for "core.a" in the main build folder, not in a sub-folder "core/".

For tools.teensyloader.cmd.path: "runtime.tools.avr-gcc.path" doesn't appear to be defined. I substituted it with "{compiler.path}". (May not be technically correct, but it works.)

For tools.teensyloader.upload.pattern: "{cmd.path}" doesn't appear to be defined. I put in the fully-qualified "{tools.teensyloader.cmd.path}".

I have tested and all appears to work okay with Visual Micro.

The issues you have described are known changes that have occurred within the Arduino/Teensy Ide's during the past 6-9 months.

I suspect from your 2nd post (earlier today) that you have are still running an older version of Visual Micro in your VS 2012 Ide.