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I would think it is better to just get your current 360 fixed and wait on GTA4 until then. Trust me, you will survive.

Then you could get a usb dongle + cheap batteries OR setup a wireless router in your house + cheap batteries, and get Mario Kart to help you survive while the 360 is getting fixed.

EDIT:

Have you checked the prices on Ebay for Wiis and 360 arcades? Used Wiis are selling for $300+ by themselves. Used 360s arcades are going for like $120-150 or so. You stand lose a lot of money by buying an arcade and selling it later when yours is fixed. Just seems financially stupid.