I'm a junior, and now that I have finally been taking blues more seriously, as well as improvising, I was thinking about taking Music Theory next year. My guitar teacher has taught me a bunch about said topic as well. So... what do you think?

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I doubt you'll do blues, but learning about music can't hurt.

You'll need to be able to read standard notation, though this should be taught in the class.

Is it AP music or what?
Learn the basics, and if you get comfortable with them go for it. It can only help. Might be a problem if it is an AP class because you would probably get left in the dust if you didn't know how to read multiply clefs, simple and compound meters, all the keys, traids, and some other stuff. But chances are they will give you a diagnostic test at the begining of the year to see what you know and you can decide based on that.
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In my experience, they don't teach you to read music, so you need to learn to do that before you take the class.

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If you plan on going to college for Music, then I HIGHLY don't recommend taking A.P. Music Theory because a vast majority of colleges won't accept the credit because they each teach music differently. At least that's what all of the music teachers have told me, both High School and College.
You don't need to know much theory to play blues - If that's what you're wanting to play. Not unless you want to mix it up and play not very bluesy sounding blues like what you get when using modes. I've never seen people like clapton, hendrix, page, bb king use extensive theory... Although I don't know if they know it or not.

I like to stick to old basic blues scale when playing blues. That gives off what I'd call a 'true blues' sound. What yngwie malmsteen calls blues, I would not...