Double major because of two reasons: 1) you are honestly interested enough in chem and bio to take all the mindraping upper level courses, and you love every minute of your laboratory classes of both types, or 2) you can find a way to skip most of the requirements.
There is no real reason to spend all that extra time getting a bio degree on top of a chem degree unless you want to go into research or go to a top school. I would say just keep your chemistry degree and double major in psych. It seems you are really interested in it, and you will already have at least half the degree done from your minor. Just my take though.
Oh, and the honors college, at least at my school, is more of a utility than an app stamp. I get to register for classes early, and the honors gen-ed courses are all small (my current poli sci debate class is 10 people) and discussion oriented. Nice break from the lecture sciences.