It is not a good idea to use a lower than recommended power supply.
However, it can be safe under certain conditions:
- The current on the 12V rail is more than what the GPU and CPU combined require. I wouldn't use anything under 24 amps here.
- It is a quality PSU, with at least an 80plus Bronze rating. Look for reviews from Johnny Guru or even here on Tom's hardware. If the PSU has any problem working at full load, don't use it!
- It is not really old.
However, the best idea by far is to get a quality 400w unit or above, as this leaves you with a nice amount of extra power should you upgrade to something slightly more power hungry in the future.
Some of the common good brands include Seasonic, Corsair, EVGA, ThermalTake or Antec.