I had a somewhat similar situation.
I intentionally took it easy senior fall, etc. because I already submitted my amcas with my first 3 years of college gpa.
Late into the fall term I learned that it wasn't the best idea to slack off because if I got wait listed at a couple of schools, I could send them updates with my grades and other activities that I was doing my senior year.
Turns out I did get wait listed at a few schools I really wanted to go to, so instead of updating them that my gpa fell and that I stopped all extra curric activities, I simply sent them loi's of how I could contribute to the school and why I really wanted to go there. I got off of one of my waitlists so it turned out fine for me.
Bottom Line
It may hurt your chances at the schools you get waitlisted at because you can't send wonderful update letters. On the other hand, you only have to feed them the good news. In your case, you can take a little senior year break like I did. Its a calculated risk.
Also, by slacking off I mean nothing in the C's or below. At one of the schools I was initially accepted at, they stated that I needed to get at least C's or above in all my remaining classes because they didnt want me to bomb my senior year. So a C will not get your acceptance withdrawn once you send your final college transcript in towards the end of the school year.
k
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