i did a little bit of testing with 200cc. every test was done on the big blue course.
you can do well easily in 200cc if you pump your acceleration and handling stats to the max. you won't need to brake as often, and you'll take turns like a pro. it feels really fast, too. this is easy mode. it's for babbies. i tested it with koopa troopa, the yoshi bike (any sports bike but the master cycle), and roller wheels.
if you want to do well but you want a bit of a challenge, play with balanced stats. i didn't get any of my stats exactly even, but i got them close enough. my speed was a bit higher than my acceleration, but that can be made even with standard wheels. you still feel like you're going pretty fast, and corners will require a bit more effort to drift through without hitting a wall. be wary of speed boosts. this is a medium mode. it's easy to learn, but hard to master. i tested it with villager, the yoshi bike, and the triforce wheels.
if you like walls and pitfalls, focus on your speed and weight stats. you'll have to brake into nearly every turn, and speed boosts are nearly impossible to control. while you'll still be able to tell you're going faster than you would be in 150cc, you'll be hitting barriers and falling enough to feel slow and powerless. however, i'm willing to bet that if you could get used to this play style, you could dominate online matches. good drifting will allow you use your maxed out speed to its fullest potential. this is your hard mode. it's hard to learn, and you may never master it. i tested it with my mii (max weight), the master cycle (it is heavier and thus has slightly higher speed than the other sports bikes), and the slick wheels.
easy mode is the best for getting 3 stars on every cup, and possibly for playing 200cc competitively.
medium mode is the best if you're playing 200cc for fun, and want a little bit of a challenge.
hard mode is the best if you're a grandmaster mario kart player.
take your pick.