A 5 strength is very low, especially for a Small character. Your Light Encumberance will be 12 lbs. By the book, a scholar's robe, spellbook, components pouch, backpack and a staff will put you into a medium load.
That said, take it anyway. The low strength won't really hinder you and there are plenty of ways to work around the encumberance. Put some skill ranks into Ride and cast Phantom Steed (no more movement penalty). Polymorph into something stronger. You're a wizard, golldurnit. You have set your mind on higher things than how to transport gear.