Dropping a Course in my Field Before Applying to Graduate School I'm currently a Senior Undergraduate planning on applying to MS and PhD programs this Fall. 

Between my current research job, TA position, and courses I believe I'm over committed time wise this semester (only 2 weeks in and I'm very stressed). I was looking to drop a course to free up my schedule and unfortunately the best candidate seems to be a course in my research area in which I'm applying to graduate schools.

The class takes place during night hours, it's poorly taught/structured, and I seem to know most of the material already. I have publications in the area and I feel as they should make up for not taking the course, but currently dropping the course would show up on my transcript (as a withdrawal). 

Would a withdrawal from a course in my related research area negatively affect my graduate application? If so, severely?

Currently I am having a discussion with an advisor, but I'd also like thoughts from others who are familiar with graduate admissions processes. There are several other related questions on this site, but all seem to address a large number of W's or W's in areas not related to their proposed research area.
I wouldn't worry about it. You have a perfectly valid reason for dropping. Your advisor can give the best advice, of course, knowing you better than we do, and also knowing other options you might have. 

But a poorly taught course won't give you much of a push toward your goal in any case. 

But if your advisor is "on board" with you dropping and supports you generally, then you should be fine for the more important task of getting good letters of recommendation, which will count much more heavily than a W on the transcript.