My school will be skipping this chapter.
What things are important for this chapter that i should do in my own time?
None of them are truly important to 3/4.
Addition/multiplication principle - you can do if you really want, pretty straightforward.
Permutations - completely useless for VCE as we don't cover combinatorics, and this doesn't come up in distributions.
Factorials - comes up in calculating nCr, which you need for binomial distributions. Otherwise, not needed (particularly applications stuff)
Permutations using nPr - see previous.
Permutations involving restrictions - see previous.
Arrangements in a circle - legit don't know what this is referring to - so I'd say very skippable.
Combinations using nCr - you need to know how to compute nCr - you do not need to know about combinations.
Applications to Probability - this is the only exercise worth it in terms of what you need for 3/4. However, any applications involving strict combinatorics (i.e. hypergeometric distribution) are not covered in methods.
Your school is skipping this chapter because you REALLY don't need it. Schools that cover it are almost (almost, but not completely) wasting the time of their students in terms of what they need for 3/4.