I agree with JoeyDVivre. Look at outlines for Level II and Level III, and you will see that all material is based on the material covered in previous levels. I have no clue what you can study less or ignore. However, if time is tight, then I'd focus on Ethics, FSA, Portfolio Management, Bonds and Derivatives...but then very few material is left to ignore, and I am not sure whether it can be big help, if someone is not well-prepared.