I have already taken Math 2 (800) and USH (760).
I was wondering if competitive colleges would want to see a test in the Sciences. If so, is AP Physics 1 enough to take the physics subject test. Furthermore, does it hurt to take extra subject tests, like in Latin or Literature, given that I score above a 700.
It depends on what colleges you apply to and what you intend to major in. Each school has different guidelines, but many do require both the Math Level II and one science exam, assuming that you are targeting the top schools.
AP Physics 1 may not be enough by itself to score well (700+). You would want both AP Physics 1 and 2 to have the full background knowledge tested on the exam.
It does not hurt, but it may be unnecessary.
Quality over quantity. You want to avoid being perceived as a test taking drone.
AP Physics 1 will definitely not prepare you for the SAT as it does not cover all the topics for the subject test.