I'm especially curious about how it looks to employers, but if any of you have thoughts as to how it looks to grad schools, law schools, etc, that information would also be appreciated.
I think I have a good reason for taking an extra semester, but I'm afraid that there would be times where I wouldn't get to state it.
Here's what employers do care about in my experience: if you went to school, did you graduate? can you do the job at hand? even if you don't have all of the skills, can you learn without handholding?
If you take an extra semester to get a degree, big deal. The end result is that you're a college graduate, not that you took 4 years and a semester. Anyone that gives you a hard time about something that trivial is not someone you want to be working with or for. If a prospective or current employer does give you flak, let that be a signal to cut ties and move on.