I'd say to go ahead with the reed upgrade, but not the spacer unless you have a pipe installed that takes advantage of a larger displacement in the cylinder AND crankcase. For example, if you have a pipe that's meant for a big bore kit and you don't have one installed, you might benefit from a spacer. Other times, a spacer might be needed to increase clearance for the carb on some applications.
However, it is generally a bad idea to move the fuel source away from the engine.
As for the 34mm Keihin, I'd go for it. A lot of people like the 39PWKs with big bore/stroker kits, and those provide about the same powerband that a 34mm would contribute to for a 200cc engine. If it has a big bore (which is likely a .5mm overbore from a worn piston), the 34mm will do some nice things for you over the stock carb or any Mikuni for that matter.
You're on the right track with a lot of this. The reed upgrade is a decent upgrade, but I'd go with the head mod for a similar dollar amount.
To compound your ideas, I'd look at it as a stage setup of sorts.
Stage 1: Pipe and filter w/o airbox
Stage 2: Reeds, timing advance, and head mod
Stage 3: Big bore kit or porting
Stage 4: Ported big bore kit and carb
Stage 5: Big bore/stroker build
Stages 6+: Cut a 40cc dome, get some custom 800-950 main jets, advance the ignition by about 30 more degrees, weld the crank, install a Hinson clutch, shot peen and micro polish the gears and rod, and run nitromethane
EDIT: When i say to go with the carb upgrade, I'd do it because I'd know that I'd be doing more mods to it down the road.