Looks almost like new.
With only 200 hoursm there's really no absolute need to do anything but disassemble, remove whatever rust you think necessary, clean it all up really well, and reassemble. If the cylinder bores are pitted either honing, boring or liner replacement could be necessary, (and then new rings would be in order) but I'd bet strongly against it. Depending on the price
of new, and the actual condition of the main and rod bearings, I wouldn't think twice about reusing the old ones, given their low hours.
At most the journal shown (I assume it's a rod journal), might need polishing, but it doesn't really appear so, (though the disco lighting
makes it hard to tell for sure).
The bearings themselves would probably provide more information.
Of course, you're 'supposed to' check all the journals for size, ovality and taper, but again, at 200 hrs, unless you had an oil
related failure, there likely won't be enough wear to measure.
After polishing (if you think it necessary) check the clearances with plastigage, and if there's any question have the crank checked by a engine rebuild