That's fair enough. I am an accelerated student as well and I truly understand how difficult it is to handle year 12 materials in year 11 stage. I guess you will agree me on that point.
But I have to ask you a question before I answer your question: "How many study periods would you get from this?".
If it is more than, let's say, 4 periods a cycle (per 2 weeks), that's a pretty good deal. But you also have to see whether you are good at English or not.
If you think that you will be able to achieve more than 80% in Extension English, I guess you better go with that. If not, I don't think it will be advantage for your UAI. Besides, having study period will probably help you relax a bit. You might be able to put more time in to Maths, right?
My instinct says yes with having study periods but my brain doesn't seem to agree with that. Make a careful choice, alright?
After edition:
Seeing your subjects, you might be better off dropping Extension English. Since you already have 14 units! That's not a very good number if you wish to have some free time or free time for other subjects. I readlly do not know how you will be able to handle all that unless you put 4-5 hours a day or unless you are very academic student who can easily handle that.