Yes! It is very possible!
I did both year 10 psych and Accelerated VCE psych. (yes at the same time, it was weird)
I cannot tell you the amount of times I would study a power point in Year 10 Psych, go next period to to my VCE psych and be taught from the exact same PowerPoint.
VCE class goes over the year 10 topics too, just faster and its only for the purpose of gaining context for what you are Actually studying in that unit.
Many of my VCE psych classmates were also accelerated (and not doing year 10 psych) and often did better than the actual year 11 students who may have also done year 10 psych the year before.
So from my experience it makes very little difference whether you did it or not, other than maybe recognizing the key terms from year 10 psych.
Like the other question I answered, all the basics are covered in class as long as you enjoy the subject and are engaged you will be A OK.
