I'm not sure about UF in particular, but in general...if you retake a class the new grade is averaged in with your old for computing cum and science GPA....often this does NOT mean that they average the actual class (so a C and an A doesn't me that they see that you got a "B") Rather they just figure both grades into your total GPA values..
For the school you are graduating from, if you grade replace, then yes there they often will not count the first grade when figuring latin honors etc.
If you took the class long enough ago it may or may not "drop off"....I know for me it didn't....I took a very basic chem class (more basic than 1st year chem) when I was in highschool, which ended up being longer than 10 year before I applied, and yes that grade did count as part of my cumulative and science GPA...and did hurt me....
I would call the school to be certain, but I wouldn't get my hopes up.
I've talked with the Dean at UF's vet school about this....they average the two grades. I'm pretty sure most schools do the same (I know NC state does).