NAD T741 Broke. Need suggestions.

It seems the pre-amp/processor circuits in my T741 have failed. The only input that works is the external 5.1 as it bypasses all processing. So essentially all I have left is a 5X75w amplifier. I am considering getting a preamp/processor and just using the NAD as an amplifier until I can afford to purchase a true dedicated amp.
Is there a problem with this plan?
I am currently looking at the Outlaw 950, opinions on this unit?
Are there any other pre-amp/processors I should be looking at that would be available for <$500?