Are you a rushy person? If you're not a rushy person, you might be okay. I'm really anal because I'm always running late, so pushing through people to book it to the Gershwin (which I had to do twice--ick) kind of sucked.
Well, where do you think you're going to sight-see the most? How much is the Americana costing?
If you're looking for cheap but reasonable, I'd recommend the Comfort Inn or Super 8 Times Square. Both are on 46th Avenue between 5th Ave and 6th/Broadway, literally a 3 minute leisure walk to Times Square. If it's low-season, you should be able to get a room for around $100, and it includes free internet in the lobby and continental breakfast.
"It's not always about you!!!" (But if you think I'm referring to you anyway, then I probably am.)
"Good luck returning my ass!" - Wilhemina Slater
"This is my breakfast, lunch and f***ing dinner right here. I'm not even f***in' joking." - Colin Farrell