No, the F requirement typically involves 1 full year of one of these Arts: Dance, Music, Theater, Visual Arts. If you take the AP Art History course, you can use that to satisfy the requirements. Yes, it is a graded yearlong course and is included in your GPA.
Visual and performing arts:
Theater: Theater courses at the honors level require students to demonstrate artistic leadership. Collaborative skills continue to be essential in students’ work, but the honors distinction is that the individual is responsible for organizing others to complete a theatrical performance project. The student must first qualify as an outstanding playwright, director, designer, dramaturge, actor or stage manager, and then must serve as producer of the project or chief of a major area of production for a capstone project. A post-performance analysis of the student’s capstone project is required, and must include a critique of leadership skills conducted by the teacher and ensemble peers, and a critical self-analysis of the project presented in either a classroom or public forum.
Visual Arts
Visual arts course descriptions will define the high level of achievement expected by the individual student as well as suggested descriptions of honors visual arts projects. The honors-level subjects/projects may include, but are not limited to, compiling a body of work at the mastery level in a particular arts medium (e.g., produce an artist website, produce a film salon, curate a gallery exhibition) or written research and analysis of a particular genre, style or historical period. The capstone project should include critical self-analysis through portfolio development, solo exhibition of original work and post-exhibition classroom or public presentation about the exhibition experience , or a presentation of the research and analysis project.
http://ucop.edu/agguide/a-g-requirements/f-visual-performing-arts/honors/index.html