MD80 CAPT LOSES SIGHT OF RWY 27R AT ORD AFTER ACCEPTING A VISUAL APCH AND GOES AROUND.

Narrative

11 NM FROM RWY 22R INTERCEPTED ILS RWY 22R APCH THEN ADVISED FOD ON RWY 22R; EXPECT TO GO RWY 27R. INFLT VISIBILITY ABOUT 7 MI IN HAZE; EARLY MORNING SUN APCH GAVE INITIAL HDG TO MOVE TO RWY 27R LOC. I TOLD FO I HAD RWY IN SIGHT. ALL NAV INSTRUMENTATION APPEARED TO BE APPROPRIATE. FEW MOMENTS LATER; I LOST WHAT I BELIEVED TO BE RWY 27R; HAD THE APCH PLATES OUT FOR BOTH RWYS AND HAD RWY 27R SELECTED; BUT WAS ON A SHARP INTERCEPT ANGLE AND AFTER LOSING SIGHT OF WHAT I BELIEVED POSITIVELY TO BE THE RWY 27R; GOT THAT BAD FEELING THAT TOO MUCH GOING ON TO BE COMFORTABLE. UNKNOWN TO US; THE #2 VHF NAV RECEIVER (THE FO'S) HAD FAILED. I WAS GETTING CONFLICTING INFO AND NOTHING MADE ANY SENSE WHICH MADE ME TRY TO SCRAMBLE TO MENTALLY RESOLVE WHAT WAS GOING ON. WE HAD SWITCHED TO TWR CTLR. HE WAS DOING A GOOD JOB OF GIVING ME SEVERAL HDGS TO TRY TO STEER TO FINAL TO SALVAGE THIS; BUT I FINALLY DID THE RIGHT THING AND TOLD FO TO ADVISE THE TWR WE WERE GOING MISSED APCH. I SHOWED VERY BAD JUDGEMENT IN CALLING ARPT IN SIGHT SO EARLY IN MARGINAL VISIBILITY. YRS AGO; FLT MANUAL STATED THAT A VISUAL APCH SHOULD NOT BE ACCEPTED UNLESS IT IS JUDGED AS 'SAFE AS INST APCH.' THAT IS STILL GOOD ADVICE. I GIVE MYSELF A 'D' FOR THE BAD JUDGEMENT THAT PUT ME IN THAT SITUATION OF MY OWN CREATION. I GIVE MYSELF AN 'A' FOR DECLARING A MISSED APCH EARLY. WE NEVER GOT BELOW 3000 FT MSL AND WERE 5 NM FROM ARPT WHEN I BLEW THE APCH OFF AND DID THE RIGHT THING. GOOD LESSON LEARNED.