We are moving to Fort Worth to get a house on a lake. As for the schools in the area... My oldest is in kindergarten in Germantown. I have been quite pleased thus far. I think Germantown and Collierville have pretty decent schools.
Noise: We are not on a through street, so the traffic noise is almost non-existant. Train noise; you can hear the trains, but they are not close. You can hear them more so in the winter when all the leaves are off the trees. Most of the greater Memphis area is within earshot of a track or two. The key is to not be right on top of the tracks or located next to an intersection where they blast their horn to pass through.