Receiver as pre-amp for outboard amplification?

Should my marantz sr-7200 make a decent preamp? what are the compromises here? how does a dedicated preamp perform better? arcam cd player will run to the marantz, running into an audiosource amp 3, out to paradigm studio 60's.
I don't know your receiver, so take this with a grain of salt.

Receivers don't generally have great pre-amps lurking in them, awaiting a separate amp to be liberated and perform great (I have tried this with a number of receivers). So the limitation of this approach is that you will have (typically) a mediocre preamp when you are done.

This isn't to discourage you from doing what you want, just realize that further upgrades will be possible. If you audition separate preamps in the future, you will be surprised how much difference they make. I found that (within reason) preamp choice made more difference in the character of sound than amp choice.
Check out BV-Audio for an economical way to vastly upgrade you system. I just received their P-1 preamp and am awestruck. I have amps on order from another company (before I discovered BV-Audio) or I would opt for their power amp as well. They also make an integrated amp which, based on my experience with their preamp, is no doubt an excellent product.