^ You are mostly right, the reputation thing isn't really that important, except UofT will hold more sway, esp. in the corporate arena (and not just Toronto; you can get a lawyer's job in Toronto with relative ease with a degree from anywhere--but just not in all areas of the law).
McGill doesn't require an LSAT but that's perfectly understandable. It's in a French province, and many Francophones do much what the Anglophones do--pass the one required English understanding class, and move on to the French classes. Although, admittedly, most Francophones are very bilingual, it would be somewhat unfair to weigh the LSAT in the French province.