Probably not the most performance friendly way, but you could create a scalar function that pulls from the information schema with the table and column name, and then call that using the isnull logic you tried earlier:
CREATE FUNCTION GetDefaultValue
(
@TableName VARCHAR(200),
@ColumnName VARCHAR(200)
)
RETURNS VARCHAR(200)
AS
BEGIN
-- you'd probably want to have different functions for different data types if
-- you go this route
RETURN (SELECT TOP 1 REPLACE(REPLACE(REPLACE(COLUMN_DEFAULT, '(', ''), ')', ''), '''', '')
FROM information_schema.columns
WHERE table_name = @TableName AND column_name = @ColumnName)
END
GO
And then call it like this:
INSERT INTO t (value) VALUES ( ISNULL(@value, SELECT dbo.GetDefaultValue('t', 'value') )