An opposing perspective is that in hindsight M1 was not a very important year. Had I started with research right away, maybe my academics would have suffered a bit, but when most med schools are P/F, maybe an 80% instead of a 90% would've been just fine if it meant I could find a good mentor and start making connections early. Most students find out way too late that they want to do something competitive, and then they scramble to put together a research project while juggling step 1 studying or rotations/step 2. I knew a few people who got their research "out of the way" early on, and they were able to put it on the back-burner as they studied for step 1/shelf exams. Then all the work they put in M1 came to fruition as the studies they participated in were published prior to ERAS submission.
Of course if you're going to extend yourself and fail that's bad, but I'd argue for a lot of reasons that M1 is the time to jump in early with research.