From what I know anecdotally (which probably doesn't mean much), if one went to a prestigious UG, it could help a great deal with the 1L job search. (For me, I want to work in Chicago, so my UG should help big time)
It's quite possible. Any time you have something in common with someone, it is an instant connection. You can add attorneys who attended your undergrad to your list of people to e-mail about jobs. It especially helps if the institution is top notch. Indiana U. certainly is not a top notch school overall, but their business program was/is a top 5 or top 10 program. It certainly helped a bit to have that on my resume and have the connection with the first interviewer.