hello!
I did MBB2 in first year, not in school, and I didn't do MBB1.
MBB2 was so good. It is definitely achievable to get 80+ which translates to 4 increment and even 90+ which translates to 5 increment. If you follow the tutor's advice when writing your assignment worth 40%, attend all of the feedback sessions to clear up any doubts and really engage, you will find they give you a lot of time to write and edit the report. If you attend the lectures as they happen and make flashcards so you can remember the details, you will breeze through the exam. Many people succeed with MBB1 and MBB2 and finish the exam 1 hour early. You even get a free 5% in each subject just for participating in other people's research projects.
Also, doing the subject in year 12 means you get it for free and don't have to pay $5000 (in total) for these 2 psych subjects once you go to uni, and you get credit for 2 subjects so you can do 2 second year subjects early or underload and focus on your other first-year subjects, or you can even do summer and winter breadths to graduate a semester early. Basiclal you have more options by doing the subject early.
Are you not allowed to do both Psych and General maths? Having 6 subjects means you get both of their increments. It might be a higher workload but it's worth it, because you never know which subject is going to be your top and which will be your worst.
Good luck!