Thanks for the response guys - a lot of food for thought. I take on board people's frustrations with the system, it does seem absurd that this should even be an issue, and chickpea is right to point out how petty my concerns seem in the face of the value of the project. Its slightly embarrassing to be anxious about something so superficial, but also fascinating how a seemingly irrational obsession with status still effects institutions (and people) that pride themselves on rationality.
I will get in touch with the supervisor over the next week and see if we get on, have similar interests etc (thanks for that advice, Effinineffable) and whether my proposal fits in with the project, as well as do a bit more digging in terms of the research training (thanks bewildered). Really appreciate the input. If anyone else has any more thoughts, I am all ears. Thanks again!

Hey champs, wondering if anyone can help solve my dilemma. I have found a lovely funded Phd project right up my alley (mental health, education, inequality) that last year won the award for best research-led community contribution at the Times Higher Ed awards. Only issue is that it is at Edge Hill, and whilst I'm a big fan of their focus on research with real practical value and its supposed to be a lovely place to work//study, I'm also really concerned that they are not the best regarded university (54th in recent UK rankings). After a two year hiatus from academia, I am really keen to get started asap, and this project starts October - missed the deadline for most other funding. So the question is - do I go for it? Feel a bit pretentious for this even being an issue, but I want a career in academia and am aware that if my PhD isn't from a highly regarded uni, that might hold me back from certain PostDocs further down the line. My heart says go for it, screw elitism, but my heart has a history of being full of crap. Other info that you might need to know is that I did my undergrad at Edinburgh and MPhil at Cambridge, both laa-dee-daa unis (so much for screwing elitism). Might that history compensate for the less prestigious PhD? Help meeeeeee!