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I would say yes - I remember I was also slightly put off by the stats last year, but I applied, and ended up getting both a VS and a TC offer. Following my VS there over half of the TC offers were made to non-Oxbridge students and several Oxbridge vacation schemers did not convert, so I don't think the firm has a very strong policy in favor of recruiting from those universities. While I think Milbank had a somewhat higher Oxbridge presence than other US firms, it was not to an extent that should dissuade people from applying. During the scheme, I also met trainees and junior associates from a variety of other RG universities, so if you like the firm I think you should just go for it.