Not really. If you do the whole PS2 thing, a used PS2 goes for $89 at EB, they've got a buy 2 get 1 free deal on pre-owneds, and if you fetch some $20 games that comes to about $140, so that would be around $230 for the PS2 combo.
Add $99 for the 360, and voila - brand new 360 + Viva Pinata +...