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My daughter had to drop a class last Spring and so has to take an extra class this semester. There is no additional cost.
I can't tell you about how it might affect your ability to do research, but based on her experience, I'd say that taking extra classes all the way through (assuming you were able to schedule them in the first place) will probably have little effect except on the sorts of activities considered irrelevant, dispensable or trivial for most college students: sleep, balanced meals, phone calls to parents and drinking (water, milk and juice. Anything else will certainly be out of the question).
Colgate classes require lots of reading and lots of written papers. Given Colgate's relatively generous financial aid, are you sure there is no other way?
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