As stated above - Ctrl - Shift - Ins ( Edit.CycleClipboardRing ) works for this (at least for me I got the emacs add-in to load into VS2012), so you can then go to Tools-> Options, select "Environment-> Keyboard "and remove the shortcut Ctrl - Y , then assign Ctrl - Y to Edit.CycleClipboardRing .
Repeating Ctrl - Y makes the clipboard ring cycle, which is a side effect that I can live with ... I assume that if you reassign Alt - Y to be the same command, then usually it will do what you expect.
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