Ok, good work! Now that we know for sure that you need the distributor, it’s smooth sailing. I’d do the compression test to make sure your rings and valves are sealing correctly but putting together a well running 200 is a cakewalk now.
There are so many recipes to make these engines perform better and have fun but to promote the smoothest direction to the finish line, I’m going to also recommend that you call Bill about one of his custom curved Duraspark II distributors and he will probably also be able to discuss the best carburetor and initial timing etc. for your engine. Once you’ve got the engine working for the best of its abilities, there’s always room for headers and camshafts and other things to make it an awesome cruising vessel.
By the way, it’s also worthwhile pulling the damper off and the timing cover to see what shape the timing gears and chain are. They’re steel gears so it’s not likely that they’ll jump a tooth but if there is too much slack, you might as well get a new chain and gears for a smoother running and quieter engine.