No, it won't take a lot of time away from your studies - though it is your choice how active you choose to be in the group. I have peers who attended conventions and competed in events (race car project, for example, and won first place) and still do well in their classes. While keeping up with...
The coursework for me wasn't that bad. You should find out what ChE organizations (AIChE, for example) there are at your university, join and get involved, because there are many who have taken the courses you will take and can definitely provide you with the help you need to do well in tough...