I would suggest that you group them in a few groups, each group being about 20 to 30 languages (you would have about 7 to 10 groups). Then you combine dynamic content with choices in you "send email" flow step :
- if member of smart list IS group 1 --> send email #1
- if member of smart list IS group 2 --> send email #2
- if member of smart list IS group 3 --> send email #3
- if member of smart list IS group 7 --> send email #7
and in email #1, you segment on languages for 20 to 30 languages, same for email #2 (another 20 to 30 languages), etc...
Now, I would also question the real ability to have good enough information so that you can really accurately know which lead should be going in what segment.
The next question is 200? I would expect that you would need no more than 20 languages to cover most of your targets across the world. If you need 200 languages because of localization issues, then maybe you do need to break it down into a grid to determine which groups can get the dynamic version and which you may need separate emails for.
- 100 Segments for the top 100 countries or languages and which messages will go through here?
- The smaller groups with fewer people will have to have another Segmentation or just a set of emails and smart lists.