yeah it's not hard at all really to learn it.
depending on your interest levels it should be pretty okay, get a good tutor if you are having trouble. i learnt it before the term and it was definitely not a problem and made the year a breeze. go for it 
This.
Also when you get to Spectroscopy/Chromatography DON'T bother memorising all the filler in the textbook. The questions for these areas are quite straightforward, honestly. I remember they seemed quite daunting at first, but so long as you understand the basic principles and how to apply it to specific cases - which is obviously gained through the completion of several exam-style questions(which, coincidentally, are all very predictable, save a small section occasionally

) - that's all you need to know.
In fact, come to think of it the same applies to most of chemistry; it is essentially all application, with little requirement for rote-learned information or obscure facts. It is because of this that I think chemistry can, if treated properly, yield a high return for minimal work.

So yeah, read over it, but don't become bogged down in the details.
What I personally did during the summer holidays with all my subjects was to treat the material purely for interest, ignorant of the common VCAA questions and other things of that sort which detract from the content itself. By doing this I learnt to appreciate the subject matter, which improved both my understanding and motivation as well as not starting to become "burnt out" before year 12 had even started.
So that's what I'd recommend you all to do, if you wish - you may even find that when unhindered by the confines of VCE you actually enjoy a subject you have traditionally detested.

Hmm, enough ranting for now, I think.