I think the "point of trying to get into a good undergrad" is that you may very well decide that law school is not for you at some point down the road. Say in your finance classes, you develop a real interest in private equity. Well, when you graduate and go to get a job, potential employers will care very much about what school you went to. I'm saying this as a fund of hedge fund analyst and finance major who went to a moderately ranked school (American) on an academic scholarship. I routinely made it to the last round of interviews at investment banks and hedge funds before being told that I had lost out to the other remaining candidate, a Columbia or NYU grad with a significantly lower GPA. But to answer your original question, yes, law school admissions offices will probably prefer the opposite result, a 3.8 at a lower ranked school vs. low 3's from Emory.
Speaking of Emory, I think its a very good school, but you should be aware that the #4 ranking has made it MUCH harder to get into the business school. Its not a sure thing. My younger brother is a junior there and he wound up going econ because it became impossible to get in to the B school.
If you're interested in working in NY (in finance) I would also give more serious consideration to UT and Fordham. In NY UT, and not A&M, has a VERY strong alumni base, although I could understand if you want a change of scenery for a while. Also, my personal opinion is that Fordham has a stronger presense and better recruitment potential than Villanova, although its not in the greatest part of NY.
Hope this helps.