I like air fine for 200' and even a bit beyond, but that's me and my own experience with narcosis versus ability to function (and to self-monitor for when I'm not on my game even if I feel 'fine'...but we're getting meta here and I don't want to convey this is an exact science... people get narced and die despite previously being 'good at deep air'). Dropping to 200' rather slowly and only staying 5 additional minutes strikes me as pretty pointless, because it's not like you should do it without the gear and gas for a much longer dive.
Why not? Very briefly and not all the reasons why not, you should be assuming something will go wrong and give yourself at least a few minutes of fudge time on the bottom, which will give you a significant deco obligation (I don't have V-Planner or any tables here at work, but last time I was around 190' on air I recall clocking almost 3 additional minutes of ascent time for every additional minute of bottom time with a single lean deco gas). You should also plan for at least one and properly all of your deco mixes to be lost/depleted/inaccessible to you, so you'd want to have enough air on your back to be able to deco out on just that, even including your extra contingency time. That means you're well into doubles territory (just for volume, to say nothing of redundancy) plus at least one stage of deco EAN.
If you're going to 200', you may as well go for a more reasonable amount of time and plan/execute accordingly. Can drop to 200' over 4 minutes, stay for 5, and then do your deco with just an AL80 full of air on your back (and hopefully at least a pony of nitrox for deco)? Maybe, depending on tables and your air consumption rate. But the consequences of something going even slightly wrong when you do that are through the roof, and the chances of that something slightly wrong happening are also elevated.
Tigerman has inspired me to be clearer, even though I generally believe a word to the wise is enough and Darwin take the rest.
Even setting aside things like CO2 retention, oxtox, and what constitutes overexertion being a completely different animal at 200' than even at 130' . . . a simple free flowing second stage at 200' will almost certainly kill you if you're on a single tank of air. You will be narced such that the very best you (or any of us) can hope for is significantly delayed mental reaction time. 'Ah, that's gushing bubbles! <seconds of processing> I know that shouldn't be gushing bubbles! <seconds of processing> I need to fix it! <seconds of processing> <plays with second stage controls>
And by that time, you're probably breathing water. Don't go deep without knowing WTF you're getting into, having the gear you need to survive a worst case scenario, and the traning/experience to operate that gear in that worst case situation... potentially while narced in a way that recreational depths simply doesn't give you any clue exists.