There are different factors that can effect my recommendations but generally, you are probably better off taking the AP course and getting a slightly lower grade. The best, of course, is taking the AP and getting an A.

As far as which course to take there is no one right answer. Based on the limited information provided I would lean toward the major studio art class since your focus is on art. Also, since you appear to have some background in Latin and none so far in French, I would go with the Latin AP class. If you really like languages and if you have the chance senior year, taking the accelerated French class would be a good option. Most colleges will have no preference for French or Latin so I would go with what you already have, Latin.

1. Would it be better to get a B/B+ in an AP course or an A/A+ in the regular?

2. In my junior year, I will have the opportunity to do one of three things. I can take Accelerated French for Spanish & Latin students (it covers 2 years of French in 1) with Latin AP and take only a minor art course, I can take a major studio art course and Latin AP whilst forgetting about French, or I can drop Latin and take French up to level 3 and take the major studio art course. Which is most impressive?

And, so you know, art is one of my main extra curricular activities. Most of my clubs have to do with the visual arts and I figure that my creativity combined with great grades & scores might help me stand out when applying to top quality schools.