I don't have the text handy for a direct quote, but I recall that place where Harry, Ron, and Hermione each choose a different Hallow as the obvious best of the three. I think this is an important part of the story. The Hallows represent kinds of temptation, and different people are more or less susceptible to different temptation.
Voldemort's temptation was the wand, and would always be the wand, whether or not he knew of the others.
That said, Voldemort's ultimate goal was to beat death, something explicitly promised by the Legend of the Deathly Hallows. I think that, if he knew of the legend, he would have relentlessly pursued all three artifacts. Voldemort may not have desired the individual powers provided by either the cloak or the stone, but I believe he would have strongly considered the idea that uniting the three could provide the owner with the power of immortality, creating a new power that none of hallows possessed individually. That would be too good a chance for him to pass by.
For this reason, I believe Voldemort had not heard the full legend. The passage from chapter 35 of DH quoted in another answer lends credence to this view, though I disagree with that character's view of what Voldemort would have done had he known.
Of course, you could also argue that Voldemort was aware of all the Hallows, and merely chose to focus on the wand first. Once acquiring the wand, he may have then moved on to the cloak or the stone. Even raised by Muggles, one would think that one of the Death Eaters, knowing his goal, would have brought this story to his attention at some point. But I find the idea that he had not heard the legend somehow more compelling, especially given he turned the Stone into a horcrux.