I would keep it in mind, but bump it down the list. Unless it's the only one in the area that could suitably handle said kid, in which case...you've got a tough choice to make.

I admit I'm kind of surprised (and this might be a sign of just how privileged an area I live in) because even in the state schools of my area there are bands and chamber groups and choirs and yearly musicals. And the selective schools also have musical and art programs of some kind, even if they're not as important as the academic stuff.