I understand this is a hypothetical, but it's based on a faulty premise.
I had the same question and I took the more highly ranked school. (My UGPA was in the 75th percentile at the T3 and in the 25th percentile at the T2.) I made the law review board and moot court.
UGPA and LSAT are loosley correlated to law school performance, but there are plenty of exceptions. You can probably have your cake and eat it too if you are diligent enough.
That being said, I'd much rather be at the higher ranked school. I would take all that time I could have used for law review and moot court and I'd hunt for a job. The so-called practical experience you get from moot court and law review equal about three weeks of a good summer internship or clinic, so I believe that argument is a bit weak (sorry to say). There are two reasons to be on law review, #1-To improve our resume and get a job, and #2-to fulfill your dream to be a super law geek. I know, I know, you'd be stupid not to crave hours and hours of time spent on editing a poorly written faculty paper on class certification in complex lit cases.
Seriously though, law review opens doors. Employers love it and some of your fellow members will extremely smart. You share ideas with these brilliant people and you make friends that will open doors in the future. Nevertheless, if you spend the 10-15 hours a week you will use for law review to network with attorneys your job chances will shoot up.