I'm in a PT program currently. It takes 4 years instead of 3. All it essentially means is that you take 1 less class per semester than FT students. However at my school you have the option to switch into the FT program after your first year if you choose. You can also take summer classes to catch up and finish in 3 years. I worked one night a week this semester. My advice is to access your workload before you commit to any jobs--PT is easier than FT of course, but it's not a cake-walk either.
I don't really see much difference in terms of prestige, at least at my school. You still graduate with the same degree and most people are too busy with classes and homework to be worried about what students didn't have to take Property I because they are PT. I suspect you'd end up looking like a jackass if that was the most important thing on your mind. In any event, don't stress over the PT thing--go for it, see what your school requires for an eventual switch into FT, and if anyone gives you BS for being part time tell them to go pound sand.