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I struck out at OCI at a t14
There's an opportunity for an internship that IMO would look great on my resume, and may also be a useful networking opportunity. Hours are around 17/week.

I'm at median overall (including a grade drop during second semester of 1l year where i was bottom 25%) and I pretty much have no idea how law school grading works still. Hence I'm not sure how much I need to study and whether I would have time for an internship.
Pursue this or just focus on grades?
Thoughts?

I would definitely take the internship. If you miss the OCI boat, grades become much less important for getting a job than networking and hustling. And I don't know that amount of time studying is really what's going on with your grades.

(Yes, clerkships and many federal positions are still grade-sensitive, but since you don't know you can bring your grades up I wouldn't pass on the opportunity to get good experience and make connections for the hypothetical that more time studying is going to radically improve your grades.)

Take the internship in order to build a stronger resume, get work experience & exposure to a particular field of law. Work experience references should help when applying for other positions.