Kinggalka went 0/400 and I know its at least over 200 as I was there for at least that many of them. That aside, I fail to see how 1/200 is a worse system or a less valid suggestion then Shared loot. I assure you with near 100% certainty shared pool would result in many more bodies dropping then this would. While that does prove better for players, would that not do exactly what you wish to prevent? Players getting gear and getting bored?
I find it hard to believe any player needs only x1 r/x item from VW. With each battle taking 5 minutes x 200 is 1000 minutes cut that into hours and you get ~16.5 hours. That's of nonstop VW excluding any wait times. Including Shout time I'd guess roughly ~24 hours minimum time per piece. Being realistic each player should need minimum 2-3 pieces. Did I mention that's 600 stones you have to save or find time to get money to purchase, and assuming people have 0 to do in the game other then VW. Now, the tricky part. While it's fine and dandy that a player willing to play 24 hours gets a body the same is not true for players who play much less then that 2-7hrs a day I'd say is average. Now, players who play all day will always run out of things to do that's the nature of playing all day. Those playing 2-7 would take ~3-12 days per piece of armor. At 2-3 pieces needed ~6-36 straight days total. (I'm doing my best to use the low end of the scale, many players need many more) Again, this assumes that is all players log in for, and doesn't include any progression needed.
What am I getting at? We should be getting content fast enough to balance this. Step back for a moment and look at what we have but, exclude drop rates. In one year Dec 11 (post aby) - Dec 12 we have received 56 5-10 minute fights, and 2 easily broken caps. That's about it everything else is a tweak, or revamp. (Dynamis is the same content for the same goals just more available now, and new merits/level ups is simply leveling 4 hours to get 90-99 and another 4 per WS, or just do VW for that EXP.) Those drop rates are to buy time for a lacking system, it's nothing short of sad to see how little there is.
As a final note, the balance between players who play 16 hours a day and those playing 2 has always been an issue for developers of MMOs. This is often what forces arbitrary wait times such as those for dynamis and limbus, as well as 24 hour spawns. They put them in place so that even a player only playing once a week wont fall behind those that play all day every day. They did something like this to EXP in XIV and that was one of the most criticised aspects of XIV. This problem can never fully be fixed. And, a balance must be found between adding new content, keeping it from being to quick or to slow for both demographics. To sum everything up I think the underlying issue is lack of content, the drop rates and the need to protect them is a direct result of this. (Also, a promised drop after 200 is fair only reason I see them avoiding it is in fear of revealing the true drop rates of items, since this would be based on drop rate x2-3 or whatever.)