Most of the college will allow only one semester with reduced course load but since you have TPS and if you talk with international office there is very slight possibility that they might allow you to have more than one sem with reduced course load. Most of the time TPS does not have anything to do with reduced course load.

You can work off campus with TPS EAD and its better to take permission from college or at least notify them that you are working off campus and have EAD for the purpose. It also depends upon university rule. By the way, me and so many of my friends have been using TPS EAD to work off campus and nobody have any problem till now.