When dealing with regional schools, it's all about location (city you can see yourself in, proximity to family, spouse, etc.).
SLU is a very solid school in St. Louis. The top 20 percent or so have good prospects at all the heavy players in STL if firm life is what you want (Bryan Cave, Armstrong, Husch, Greensfelder, Thompson, etc.). Local SA/public defender prospects are good too, if that's your thing. The rest have opportunities based on their networking ability and their interests -- from what I know, those outside of the top 20-30 percent will likely end up at mid to small firms or government work (...or unemployed for a bit). Those percentages definitely get adjusted in this economy, but hopefully that won't have much of an effect on this year's entering class. STL has a great cost of living, too -- market is around 120, which will go far.
IUPUI is pretty much the same story in Indianapolis.
US News rankings can be misleading. Schools outside of the T10/T14/T20 (what range is up for debate) are regional, with maybe schools within the T30 having a bit of a larger reach within a certain geographic area. When you get to the IUPUIs and SLUs, you're going to be restricted to that city unless you happen to be at the top end of the class, and even then it will be an uphill battle.
Long story short (too late): With a 3.8/160, I doubt you'll be able to crack into Wash. U. absent some other unmentioned factors. However, you'll get accepted at most (if not all) of the respected regional schools you apply to and likely get good money from them as well. Based on a lot of factors, I'd pick the SECONDARY market you like the most. If ambivalent, go with the secondary market that gives you the most money with the least GPA restrictions (with a heavy hand towards lesser GPA restrictions -- SLU would be good here, as there's is a 2.0 if memory serves).
A quick note on specialty ranks -- unless you have SOME meaningful exposure to the LEGAL aspects of that specialty (here, health law), pay them NO MIND! You will likely change your mind several times as to what you want to do in law school and, even if you end up liking health law, the power of a specialty ranking is the source of a lot of debate...and for good reason.