Personally, I would choose the superior school, even if it was 15 minutes away. What a gift to give your child. I wish we had that choice.
Both my kids went to the local elementary school and they didn't develop the friendships (kids close by) that I thought they would. Same thing with another friend in my area. She was hoping her child would have neighborhood friends and it didn't pan out. She ended up switching schools (15 minutes away) and her daughter thrived socially and academically.
I switched my daughter to a farther school (15 minutes) and she's happier. She has playdates and the kids are farther (15 minutes) but it's not a big deal.
We have kids in our neighborhood who just have different values than we do and it's been "challenging." So challenging that my son is better off leaving the house (in prior years) to be away from certain neighborhood children. While having neighborhood friends is ideal, it doesn't always work out.
I'd definitely choose the other school. You can always go back to your neighborhood if you absolutely hate it.