Your decision should be based on what's most important to you. If your a person that can deal with the freeway traffic/noise then I wouldn't worry about it. I would also suggest you investigate into why (usually your agent will do this for you) the house is priced low. If it's because of the freeway/location within the city, then that takes you back to whether or not you can deal with being close to the freeway.
Being in a community that has a top rated school district is an amazing benefit to those who care about the quality of education their children are getting. I myself appreciate being apart of a community that shares the same values as I do when it comes to education, family, and overall quality of life.
In summary, yes you should buy a low priced home in a top rated school district if in fact you place a high value on the schools and the reasons the home is priced low will not affect you being able to finance the home or become a burden to you in the future.