my 200m did the same thing...the oil port that shoots oil in the camshaft got plugged..not cool....the timing chain was rattling badly, so i had to check it out, sure enough, my cam was shot....the lobes were actulally pushed in about 5mm and this thing ran!!!..i would have never known if i keep running it...i have another 200es engine, so i stole the cam from it...a cam will probally run you about $300....my advise, tear the top end down, clean all the ports and galleries..and check out your oil pump while your at it..
Sean
1984 Honda 200ES
1985 Honda 200M - Port and Polish
Weisco 10.25:1
197? Mini Chopper w/ briggs 6hp
1985 Chevy 3/4 350 s/b, w/ 4bbl holley