the Olin bschool of Washu is a great school, but to be honest, its undersgrad program is much better than its MBA program. plus, I agree with your friend, Olin's location really sucks- it's pretty much in the middle of nowhere. I have several friends who went to the Olin undergraduate program, but they really have a hard time finding jobs. That said, location is important, at least in this case.
St. Louis is a big city with 2~3 million peoples. There are many large companies. So it depends on what kind of job you are looking for. Since Olin is the best school in that region, it may be easier for you to find a local company to sponse your greencard application. Right now, you cannot depend too much on H1B because there is only 33% chance even your employer is willing to appy H1B for you.