I'd like to caveat this by saying that I believe that below a certain range of school ranking, USNWR rankings don't have a direct relationship to employment opportunities. No first-hand knowledge; that's just what I've heard.
Yeah, that's pretty much true. After the top-14 (or whatever) an employer pretty much just recruits from the regional schools. If you plan on working in a certain area for sure after graduation, I would say going to school there (at the best possible law school you can transfer to, of course), is the best decision. For example, going to Loyola or DePaul in Chicago is better than say going to American in D.C. if you want to work in Chicago, despite the differences in rank. At that point, you're better off going to a school where the lawyers there actually have some connection to the university.