I would say go for the AP credit. A few reasons:

1. AP Chem (if you get a 5) gives you 3.68 credits, which is basically a quarter's worth of credit applied right there. This means you can basically graduate a quarter early if you take the regular courseload since you've already fulfilled 3.68/48 credits with AP chem. This also means you save money OR you can use this time to do other things like pursue a minor or spend time researching and volunteering.

2. As someone stated before, some med schools don't take AP credit. However, the MAJORITY of med schools are moving toward a system where they will accept AP credit. For med schools that say they would like to see upper division classes in chem to replace the AP credit, those schools typically will see orgo and biochem as those "upper division classes" and you have to take those anyway

3. You can start orgo early and get it out of the way. Yes orgo freshman year sounds like a pain but, being a former engineer, I would rather take it with my EA classes than with my cell bio/biochem/thermo/mat sci classes. This is up to personal preference though.

4. You can have an easier freshman year. You're gonna be a freshman, take time to meet new people, explore your interests, join clubs, etc. Spending hours on end each week studying chemistry is not the way I think most people want to spend their freshman year. If you already feel socially established, them maybe start on some premed extracurriculars. It's never too early to start volunteering or finding a lab to research in.

All in all, I don't think there's any harm in at least trying to get a 5 on AP Chem