In my case, the T1 is between 30-50. The T1 requires a move, the T4 is local and less expensive, in a city I prefer to be in. But I'm interested in other people's situations as well. I'm also wondering if I'll do better if I attend a less competitive school?
I would say it all depends on where you want to practice, and the quality of the T4 you're considering. Schools 30-50 are not national schools, regardless of what tier you put them in. If you want to live and practice in the city where that tier 1 is, then you'll probably be better off there. But if you're thinking about going to school there, then coming home, you might not be better off. Because quality of the Tier 4 schools vary greatly.
My situation isn't completely similar, because I wasn't moving my family no matter what. As such, I only applied to local schools. But, had I sent applications to schools 30-50, I think I could have gotten somebody to bite on me. It wasn't worth it though, becuase I want to practice in Boston. And I'm pretty sure that I'll have a better chance getting a job in Boston coming out of Suffolk (which has numbers comparable to a lot of T2 schools, BTW) than I would coming out of Ohio State, or Alabama-Tuscaloosa. But I wouldn't feel as confident if the Tier 4 I was attending didn't place well.