If you land it, you'll likely have no electives in PGY-III and PGY-IV. Count on doing a bunch of IP unit and C/L rotations in 3rd 4th year, when your colleagues are doing other rotations, so you will be a bit of the odd (wo)man out in the program, but not the end of the world.
Many psych programs have dedicated PGY2 spots because it is relatively common to switch in to the specialty after a different intern year. They are usually filled outside the match. Call PDs at programs of interest and ask if they have PGY2 slots.