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Sounds like a terrible idea.

If you go to somebody begging for money they're gonna assume you're desperate. That means even if you do have something they want they know that it won't take much to get it. You're gonna get a low offer. So now not only have you humiliated yourself but you have to spend time and resources making a game for an audience that doesn't even exist (and by that I mean the Japanese Xbox gamer) for not that much money.

Yeah, I'm sure they can easily make more money by releasing the game for more popular platforms, either exlusively or as a multiplat, than they could be begging for a deal with Microsoft.