This is a great opening for my favorite subject: Regulator Theory!
IF you have a well-designed and well-manufactured regulator (Deep6 Signature? Check!), then a balanced diaphragm first stage will continue to provide design IP (or a few psi higher) down to about your quoted 200psi tank pressure.
However, although static IP may still be 135psi, dynamic IP during the breath will wildly fluctuate depending upon breath size, gas density (depth) and speed of inhalation. This is because no matter how perfect the mechanism, the upstream pressure that helps drive the valve action has fallen so much.
Second stage performance is utterly dependent upon delivered IP, and the quality of balancing in the second stage will determine breathing resistance (the dynamic part of WOB) as IP falls during a single breath. Once again, the Signature second stage shines in this regard, in no small measure due to the ridiculously well designed poppet and balance chamber, whose friction is extremely low. Try the "Bounce Test" in the Deep6 service manual on your brand regulator. If it doesn't pop right back up like the Signature, I suspect you'll notice hitting 200psi quite easily.
Of course, this diver's buddy getting to 200 in the first place is a subject for a whole 'nother off-topic thread diversion, but let's give the OP a pass on that, okay?