First, I wouldn't really agree with your teacher's phrase. I think Bio 3/4 is nearly all new content, maybe with a few exceptions like plasma membranes and cellular respiration. That saying, Bio 1/2 does really help a lot in first year uni bio, but that's another story.
I did Unit 1/2 and 3/4, but I know ppl who only did 3/4 and got 40+. So yes, definitely possible to do well without 1/2 as long as you put in time and effort.
I think if you enjoy bio, it's good to keep it even if it isn't a prereq. This is because you tend to score better in the subjects you enjoy, and this would be a good boost to your ATAR. Out of curiosity though, what course are you planning to do?
From Unit 1/2, I'd say cover plasma membranes, cellular respiration, and photosynthesis. That saying, I would recommend you to not spend so much time on these and instead study their 3/4 equivalents, since the 1/2 content is repeated again and there's a bit more depth. What I'm saying is, it's more important to study 3/4 content over the holidays beforehand, to let your brain 'deconvolute' some of the trickier concepts, especially for Unit 3 (transcription and translation).