If you've taken physics or calculus before (in high school)/ are pretty good with math, I wouldn't expect this to be too difficult of a courseload. Especially because there's only 1 lab, ~24 hours of classes is certainly do-able (without a part-time job). If you've maintained a 4.0 through all of your freshman year, you can obviously switch gears easily between all the gen-ed courses. Switching gears to O-chem is just another cog in the machine. Advisors tend to give advice toward the average student.
I'm also a chemistry major and take 18+ credits a term and do research in an Analytical Chem lab, but my advice would be to get working on ECs. At your current rate, you are going to get to the point where you can either graduate early or tack on a minor/double major (this is what I did; was originally bio major and tacked on chem double). Drop a class not because it would be difficult to do well in, but because it gives you free time to explore ECs. It looks good to have extended commitment to an EC for at least a year, so use this time to look into clubs/civic engagement/clinical volunteer experience. On that note, I typically spend about 15hrs/week in my lab + more time outside using remote computer access. I don't know where you are getting the 5hrs/week from, but the epitome of research is that stuff doesn't always work how you want it to. I would expect that you'll probably need to spend 10+hrs/wk to really be involved in the project. Since you're just starting out though, any amount of research (so long as you actually want to do research) is a good addition.
I'm not certain how the honors credits work at your school, but at mine we can make non-honors classes into honors credit using an "honors option." Personally, I would look into dropping the Honors colloq class and substituting "honors option" if you can, then use that extra 3 hours a week to join an EC. If you are really interested in the class , take it another term. Or if you have to take it as a req for your honors program, then certainly just take it and look to do ECs over breaks.