I think it would be a good idea to take 4 levels initially. From the sound of it, it seems you might end up preferring to do more subjects and it may feel safer to take physics as well just in case. Considering you excel in all of the subjects you've picked and you prefer to have a bigger workload, I see no problem in you taking physics. As you said, if it does end up being too much, you can always decide to drop it later on, it's worth taking the chance by doing it now to make sure you don't miss out. Personally, when I dropped a subject it felt relieving to go from 4 to 3, although, since you do prefer having a challenge, you might find that you enjoy physics since it is a complicated and broad subject, it also does have a bit of a crossover with the mechanics section of maths A level too, so you may find it helpful.