Just to reiterate the above, I wouldn't do 7 subjects. I found that one of the best things about accelerating is that you ultimately minimise your workload in years 11 and 12, and can therefore focus more on the other subjects you're completing. With that in mind, I think your ATAR (as this is typically the primary priority of VCE students) would benefit from doing 6 subjects in total, far more than if you were doing 7. After all, one of those subjects would end up being redundant, and you'd end up taking time away from the subjects that will be involved in your ATAR calculation.
From an educational standpoint, obviously doing more subjects = more learning; so if this is your main priority, go ahead and do all 7. But if your ATAR is your main focus, I'd recommend you do 6
Assuming you end up doing 6, which subject you drop is entirely up to you, and I suppose a key advantage of doing Chinese is that you get to learn another language (which would definitely benefit you in life, especially given how multicultural Australia is); and of course the scaling is quite good for languages - however I strongly suggest you don't base your subject selection around scaling (plus you have a number of good-scaling subjects anyway); and you can always learn a language later in life if you want to.
If you weren't going to drop Chinese SL, what other subject do you think you'd drop? I have no experience with any of your subjects (excluding English), although out of all your subjects, I've probably heard the worst things about physics if that helps?