I did pretty much what you're considering, Wills. I know I talked about it on MN but can't find the thread. Anyway, we were going to live in the best area of Norwich. Would have meant paying a stupid amount for not that much living space, possibly a painful mortgage, very little garden, high(ish) crime (burglaries), lovely city, fantastic schools, but DH commuting almost 2 hours/day. Instead we chose so-so schools, big house, big garden, no mortgage, DH only has a 5 minute commute.
Look carefully at the school where you are going... may not be bad, anyway.
I am not thrilled with DS's school at the moment, but it's ok. Partly to compensate for it not being wonderful, I am getting involved in DS's school and DD's preschool, even though I sometimes have to pay childcare out of my own pocket to do so (to attend meetings or conduct interviews).
The plan is to move back to Norwich when DS1 is ready to start secondary, because I really don't like the high school in the small town where we are, though admittedly, it may improve a lot in next 7 years. But I think teenagers are happier in cities, too.