There's really not enough info to make an intelligent decision on the example presented. Assuming this is not the only report the feature provides, and that there is more than 5 or 6 total reports created by this feature, since there is a work around available, I would probably send this out. Conversely, if this is the only report, or very few reports are created by the feature, I would move the release date.

You have to review all your options before making a final decision - In the past I have stopped projects and recommended the stoppage of projects from being released because of critical features not working. I have also moved release dates for my our projects when too many bugs are present. When a critical issue is going to affect a release date, I have even personally got involved in testing to make sure a project is released on time. And when it's far enough in advance, I have pushed for a critical bug to be fixed when it is going to put the company I worked for at risk.

You need to understand what will happen if the software goes out as is. Will it take away current functionality, will it shut down the application or a PC, how difficult is the walk around, how critical is the feature. The more info you have, the 'easier' it will be to make or recommend the 'correct' decision.