Honestly, my experience of people trying to turn things around in their last year hasn't been hugely positive. Often they've just built up years worth of bad habits in terms of their academic work (usually things like you've described: doing work last-minute, not devoting the time to reading, etc.), and these habits are very hard to break, especially in the face of the stresses and pressure of final year.
However, this is not to say that it's impossible, but you would have to be both extremely disciplined and extremely organised, to make sure you give your academic work the kind of time and attention it deserves. Many of my colleagues in final year announced their intention of knuckling down and acing the year, but the discipline disintegrated a few weeks in, largely due to the bad habits they'd developed! So you should know that it won't be easy, but if you're truly determined then you should go for it.