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Is it a bad idea to apply only to one school (a "reach") ED? My reasoning behind this decision would be to take my chances with the school, but focus my other time and energy into searching for jobs, and then maybe re-apply to law schools a couple years. Is this even a possible option for me?

Sure, it's an option. Most people don't do it because they actually seriously want to go to law school. If your thinking is "If I don't get into X then I won't go this year" then yes, only applying to that one school makes sense.

My thinking was more along the lines of, why waste my apps. to other schools when maybe, in a few years, I would re-take the LSAT or have more to add to a PS, etc. (Some schools like Northwestern prefer experience anyhow)

If you live in Hawaii & want to stay in Hawaii, then it is reasonable to apply to only one law school if that law school is the University of Hawaii.

OP, when I read your post, I thought: "Man, what a waste of possibilities."

I speak from personal experience... I'm actually attending a school that I did not consider, until I had a conversation with the Dean during my admissions cycle, and after I had completed several other applications. If I had just made my mind up to only apply to the school that I currently attend (which was was my #1 choice to start), I would have cost myself a higher ranked acceptance AND $30,000 in additional scholarship money. All in all, it just seems like a bad bet given the admissions process.

If you're saying that you'll wait a couple of years off if you don't like the offer, maybe you're not quite dedicated enough to LS just yet? Seriously, I'm not trying to put you down... but if your considering holding off and retaking, then maybe that's your best course of action.