I'm gonna side with Tharic and Rain on this one, but I'm gonna go for a different reason:
The sustainable power draw on a PSU is actually not your biggest factor here. Though that matters (to prevent your system from shutting down) if you go over your actual capable production, you need to remember that not all VOLTAGE is created equal, either. In this case, screw wattage totals...
When you bring a PSU closer and closer to its max, more heat is generated. That heat does all sorts of things, but one of the biggest things to note is when a cheapo PSU gets really warm, its voltages tend to be less stable than at other times. That means 12V rails won't just only carry X amps of power through them, they may be carrying it at 12.5V, 11.5V, etc.
This particular variability is the most dangerous part of a cheap PSU and it's often overlooked. Drop voltage too much, the card doesn't function right. Increase voltage too much, the chips can fry. Your system is designed to have a steady march of REGULATED power. You break the regulator, you break the system - with potentially disastrous consequences.
Though I'm not a fan of spending money for nothing and I am in full agreement with both you and Rob that it will quite likely be able to produce the AMOUNT of power you need, I think you should strongly consider whether it will produce the QUALITY of power you need and act accordingly. As Jamie said - don't skimp on the PSU, it'll bite you in the ass.
Personally, I'd spend the extra $70-100 and buy something reputable (I'd vote around the 400W range just so you don't need to do it again, and I'm a fan of Corsair and Seasonic) that you can trust. The PSU is probably THE most under-respected part in your system, and it really, really shouldn't be.