I am in the UK where I get about 50 ping on the EU servers. I also have characters on US East, 120-150 ping, and US West, 150-180 ping. Doing PvE with that sort of ping is tolerable but you are going to really struggle if you want to PvP, so I would not recommend it.
I am from the UK and I only play on US east servers, I think my ping is about 100-120 or so… could be higher, been a while since I checked. PVE is perfectly fine and PVP can be ok too although if you are wanting to do PVP then expect attacks you think connected to players not to connect sometimes, which can be infuriating sometimes.
If your ping is 200 though I think that will be far too high for PVP, might still be ok as a dps for PVE, but will be too high for tanking or healing.