Top Law Schools

I understand the greater prestige and competitiveness for federal clerkships as opposed to state/local. However, as far as assessing a school's employment stats, how much discount does state/local get? Is it really a non-desirable outcome when judging a T-14 or T-20? I assume grads in these positions wanted a Fed and couldn't get it. But wouldn't NYC Biglaw look just as favorably at a NY appellate if one of its 2l SA's wanted to spend a year doing that before beginning their career in NYC?

I am thinking that some are better than others and half of employed grads in these positions should be considered employed in a favorable position. Thoughts?