You'd have to first find out whether you can apply for Advanced Standing having done MUEP Maths. UMEP Maths follows the AM 1 course quite closely, but I'm not sure whether this is the case for MUEP Maths. Assuming that you can apply for Advanced Standing, then AM 2 without AM 1 is possible, but be warned that AM 2 is not an easy subject at all. It is probably the hardest first year maths subject that you can take at Melbourne Uni, and is pretty much two subjects packed into one. An easier option would be Calc 2, and I'd recommend doing this subject if GPA is high on your priority list. However, if you are genuinely interested in maths, and don't care too much about GPA, then do AM 2, as, albeit hard, it is, in my view, by far the best first year maths subject taught at Melb Uni. The lecturer, Barry Hughes, designed the subject, wrote the 'textbook' for the subject, and has been teaching the subject for as long as we were alive, so you don't get the sort of disjointedness that you often get in many of the subjects offered at the uni.