I took psych 1x03 last summer, so I'll tell you how I found it. You are correct in that the structure of the course is different during the summer. We had a 2 hour lecture each week (not a tutorial like during the school year, so no participation marks) as well as weekly quizzes based off of online modules. Also, we had less quizzes compared to during the regular school year. Our final exam was worth 60% (or 55% if you choose to do the optional research participation) and online quizzes were 40% (4 out of 5 count toward your final mark, with each quiz worth 10%).
Overall, it's not a difficult course. I can't give you a good answer to your other question as to whether or not it would be manageable to do both orgo and psych at the same time as I have not done it, however, I can tell you that psych 1x03 wasn't very time consuming, so I imagine it would be possible.
Hope that helps you out! If you have any further questions, feel free to pm me.
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