Honestly Corn, in your situation, having one open schollie, I'd go for broke. Aim for the moon. Worst case scenario, you take a walk-on and get the extra 15K next season to try again, hopefully with an improved prestige. Or you could take Daalt's suggestion and find a guy with a bunch of high potentials (hopefully the high/high variety), redshirt him, and have yourself a really solid player four years down the road, nothing wrong with that either.
One thing I would NOT do is restrict myself to just local recruits. Sticking to nothing but locals is the quickest way to mediocrity in my opinion. Diamonds in the rough CAN be found, you just have to look for them and know what you're looking FOR and that means scouring the whole country (not to mention the international players, lots of nice bargains there). And "scouring" the whole country does not equate to "scouting" the whole country, that's not a typo.