I think you would find that the graduate would get shortlisted with that after all the GCSE requirement is just to get shortlisted.
However - I do know of one Biomed graduate who is likely to get a very high degree who has been rejected (is not shortlisted) for grad med on the basis that his chemistry A level was too low
From the B'ham site for the 5 year course:
Achieved or predicted first or upper second class degree from a UK-based institution (normally). Very good results from school examinations (in appropriate subjects - see above) are required because you are in competition with school-leavers.
Implies you still have to have as good school exams as the non grads.... maybe better to head for the grad course who require min BBB and a fabbo degree.