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A firm I am interested in told me that they would set up some sort of an interview outside of OCI in case I do not get an interview slot with them.

So now I am thinking that I should not use a high priority bid and bid them low.

Is this ethical? It didn't seem like a big deal to the recruiter but I wonder what Career Services would think...I also don't want to be an ***hole to the rest of my class if I did this.

If it wouldn't be evil, is dropping my bid lower a good strategy?

Not sure I follow your reasoning. A lot of people would call what you're describing strategy.