As a division three coach is their any downside to going after ineligibles?  I figure that, for example, you are probably at least marginally safer pulling down an ineligible than other pulldowns, because of their risk in recruiting an ineligible that he might not show?

If he has at least a 2.0, there's no downside (just be sure to give him some study hall minutes).  The SATs aren't considered for D3s, so some of the recruits on your list that show "ineligible" are really only ineligible at D1 and D2.

If his GPA is under 2.0, you can recruit him but you're running the risk that he won't enroll and end up somewhere else.  You'll have to re-recruit him the next season and, if you're lucky, you might get him to consider you again very cheaply.

I've seen ineligibles not show up for DI and DII schools, but I've never heard about that happening at DIII. I like targeting ineligibles due to less competition from DII. Because of their ineligibility, ineligible recruits willing to drop tend to have a higher upper end with regard to ratings than eligibles.