Yes. You will lose some overall weight and your buds will be fluffier but they will be a little frostier. My very first grow I flowered with a 400w mh and it did me great at the time.
You could always pick up just a standard 600w for cheap on amazon. Vivosun bulbs are currently like $17 on amazon. I don't know how reliable they are though. But you should be able to harvest a nice crop with said MH light.
I'm with @thenotsoesoteric here. It will work, but you're increased yield will more than pay for a cheap replacement until you can afford something like a hortilux.
If that's absolutely not a possibility I would consider throwing a few warm white cfl's up with the mh.