Just because the button mechanically feels the same in no way comments on its electrical behavior.
I would wait for someone smarter than me to speak up, but assuming there is a short in either the power button, or where it interfaces with the motherboard, opening up the Gigabeat will easily allow you to test the theory. I in no way, shape, or form would consider it bricked.
However – I will take it off your hands for $25
The real trick in disassembly is removing the top and bottom plastic end-caps without breaking the very fragile clips, which hold them in place.
Once you get that far it is only a matter of removing some very small Phillips screws with a teeny tiny screwdriver.