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no massive grade inflation not in BHP?
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Not as much so. In the BHP classes, the teachers know how important GPA is for i-banking gigs, and that the students are pretty smart. Most of the people end up with As (and a few Bs), but every rarely ever a C. Of course, you're working with other motivated people that would probably tear up the normal finance classes anyways.
Most of the recruiting for BHP goes to the DFW or Houston area, although every year there are a handful of people who want to go to New York. I have not gone through this process though, but I think choosing your location is fairly flexible once you get an offer. I could be wrong though.