In general, yes. If you're taking AP English, you clearly have strong reading comprehension skills and are familiar with the ins and outs of complex literary analysis.
The SAT Literature Subject Test will ask you to read six to eight passages or poems from English Literature and answer sets of questions that go along with each of them. These questions will cover basic reading comprehension, meaning of words/phrases in context, big picture questions about the passage as a whole, the use of literary devices, author point of view, character analysis, and dialogue analysis. Examples from all the question categories are listed in this complete study guide for the SAT Literature Subject Test.
I'd recommend reading through the sample questions in that article and also doing some practice questions on the College Board site to test out your skills. Get a feel for the test questions before making a final decision on whether or not to spend some time studying. Even if the questions aren't that challenging for you, you may choose to do more practice if you hope to completely eliminate careless mistakes.