Work part-time or not at all?

I just finished my graduate degree, and am looking for full time work. I have money saved ( about a years worth), and recently got offered a part- time job as a contractor. I have no problem working, however I am fearful this PT job will take away from my FT job search ( interviews etc.). Is it best to just take the part time job? Will employers frown upon me working ( thinking I am not avail.)?