The issue you're going to run into regarding using your receiver is voice chat. Using a standard receiver, there is no good way AFAIK to get your voice signal into the 360 controller. Or at least not without some very specific receivers (which likely need a mic input, and some kind of isolated mic output) or some convoluted wiring setups where your headset would be hooked to both your receiver and your controller via separate cables/adapters.
If you are just interested in audio and no chat, then headphones plus your receiver should work fine. They would work even better if your receiver supported dolby headphone 5.1 decoding.
I feel like the modmic is a good way to go (I am familiar with it but never seen/used one myself) or if you are looking for an all-in-one headset, maybe consider the Sennheiser PC360? They seem like well respected headphones, and are a headset so integrated mic. I have the PC360s and am very pleased with them. IIRC they are right there in your target budget too. You would also need to get a 3.5mm to 2.5mm adapter and possibly an extension cable to run the mic jack on the PC360 into the 360 controller, then the headphone jack on the PC360 to your receiver.
If you want to up your ante some, you can throw in a decoder like the Astro Mixamp or Mixamp 5.8. This will give you the dolby headphone surround sound (it actually adds meaningful audio enhancement to your gaming IMHO) and possibly the convenience of a wireless setup.
Personally, I tried a couple of TB headset products (and purchased the PX5 for a time) and IMHO they were all garbage. Not just in sound quality but also in build quality. I ended up with the PC360+mixamp 5.8 combo and it was actually not all that much more than the TB XP500s in terms of cost, and miles ahead in terms of quality/value.
Lastly, one thing you will want to be aware of is that if you're buying a high end headphone solely for gaming, you may be overspending. If you hook up really high quality headphones/amps to your console, the limiting factor will quickly become the compressed audio files used in modern games. So while I can understanding wanting to invest in quality equipment, don't go too overboard because your source material can be far from ideal too. I experienced this myself when getting my headset, some of the things I thought were equipment deficiencies ended up being compression and clipping in the sound/music samples used in-game.