I am applying to Georgia Tech for materials engineering and I have been in close contact with the administration. My act score was composite 29/ 31 english/ 30 math/ 27 science/26 reading. I know I can bring up my science and probably get top a composite of 31. I would be a third generation with a 3.94 GPA (4.23 weighed). Would be a child of and engineer with masters in materials help my chances at all? I’ve been told so but if anyone knows for sure please respond. I am also founder and president of Mu Alpha Theta a math honor society at my school. I’ve taken 3 AP classes and 2 classes at the local college. I am a female and junior. I would be the fourth person in my direct family go attend.
Your test scores are low compared to their average, as are your total AP/college classes at the moment (but I assume you’ll take more next year). Being a legacy does seem to help in the sense that legacies are sometimes offered conditional acceptance if they don’t make the cutoff for regular admission – instead of being admitted as a freshman, you’re basically guaranteed transfer acceptance as a sophomore if you go elsewhere and maintain a 3.3+ GPA, first. (More info here: http://admission.gatech.edu/conditional-transfer-pathway)
Being female helps your chances some, too. Really, though, all you can do right now is keep working hard in high school and make sure to really showcase your talents and passions when it’s time to write your essays. 
Good luck!