If you mean "b school" as non top tier law school as opposed to business school, then yes, this is what I chose to do. I will be paying very little for law school at my lower ranked school and since I have very little desire to work in BigLaw anyway, accumulating as little debt as possible is the prudent thing to do. I could have applied to and likely been accepted to a T14 school since other people in my section with lower grades than mine were accepted, but I chose not to for both financial and personal reasons. I do not regret my decision.
I also go to a respected school in a secondary legal market, so its national ranking is of little importance locally. While we don't get the salaries of NYC/Chicago firms, many of the biggest firms pay start around 100K and tend to hire quite a bit from my school, so if I did choose to go into a bigger firm setting, I'd be doing very well, especially when the cost of living is factored in.