If physics 2 is the only thing you have to self study (if you have learned psych/soc/biochem/cell/genetics) then it is not difficult material conceptually. Pay particular attention to waves and circuits and just know that negative charges feel force opposite of the RHR.
I understand most medical schools say you must complete everything prior to MATRICULATION, not APPLICATION. However, would missing this pre-req make me less competitive? Do some med schools require all to be completed before you apply?
Physics 2 can be a difficult subject to learn at first. I would highly recommend the Berkley Review physics book. I used it for my MCAT prep after I had taken all the pre-requisites and actually wished I had used it for my Physics 2 class, it is that good at explaining the concepts. It is one of the few resources that walks you through how to solve physics problems in a time efficient manner for MCAT style questions.