If you are taking out loans to pay for school, I honestly don't think Miami is worth it b/c you are simply not likely to get a job that will pay enough to allow you to service the big debt you would incur there comfortably. That is reality.
As to Arkansas, I would be leery of accepting a conditional scholarship at any school (since you may not be able to keep it), which I'm assuming this one is. However, you may be able to get in-state tuition at AR even if you lose the scholarship. You should definitely look into to this. With in-state, AR would be a good deal, assuming there are AR alums where you want to practice.
Personally, if you want to stay in AR, I think Little Rock is a not a bad place at all. I was actually pleasantly surprised when I visited there a couple years ago. I'd recommend checking it out when you visit Fayetteville if you haven't been there already. Salaries for lawyers in general will be little lower there compared to other states, but the cost of living is also very low.
Good advice, thank you. Yes, my scholarship is conditional, but even if I did lose it, it would only add $10k onto my bill for the last two years, so no big. I will be establishing residency in Arkansas if I do go there and the school has already sent me lots of useful information on that process.
I've never been to Little Rock, but I've been to the Fayetteville area and I can say that I wouldn't mind staying for a while. A little less money doesn't bother me as long as I'm making enough to pay the bills and live comfortably, which as you point out should be cheaper to do there.