I think because it is a private institution they don't have a super-strong IS bias, but I think in an effort to interview and accept people that will actually end up attending their institution, they do have one. The MSAR numbers seem to show that around 16% of IS applicants interview vs. the 4% for OOS. Obviously having 49 states-worth of applications for 276 interview spots vs. 1 states-worth for 67 spots makes it more competitive percentage-wise for OOS, but it doesn't seem to affect accepted OOS stats as OOS students have a 505 for a bottom 10th percentile vs. the IS 508. That being said if you snag an interview I'm sure the acceptance rates become closer to each other.
In terms of the <506, I'm not an admissions expert, but it depends on how far below 506. You won't be winning anyone over by having an MCAT score in that range, but a low score (within reason) can be compensated for by other facets of your application (think ECs, URM status, difficult upbringing, non-trad, etc...). Only you can decide if you have the story to combat a lower score. Since you are applying this cycle, I assume you have made that decision already. As some of the greats on SDN have said, someone has to be in their bottom 10th percentile, why not you? There is no shame in that mindset for certain schools – I have applied to several schools where I am in or just below that 10th percentile.
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