Mbrooke, please understand I am a maintenance engineer at a hospital. I'm not one to quote code. I'm not interested in the lowest possible first cost solution. I'm interested in a robust, bullet-proof, quick and easy to service system. What is dangerous for me is likely perfectly safe for others. So with that in mind I'll offer the following based of my limited knowledge of code and 40 years of actual experience. All this assumes 480/277/4W/3PH with 1.15 SF motors greater than 1 HP.
As I understand it conductors must be sized for 125% of FLC per NEC table. Short circuit/ground fault protection ranges from 150% to 300% of FLC. IIRC it is 300% for non-time delay fuses, 175% for dual element time delay fuses, and 250% for inverse time breaker. For a 1.15 SF motor overload protection is 125% of motor nameplate amps. You can round up to next standard size expect for overload where you have to round down. Of course there are exceptions.
All of this can lead to some rather weird looking installations. Things like # 10 THHN on a 60 amp breaker, which is fine because overload protection would be set at 21.9 amps. So IMHO you are going to have a hard time picking fuses that will stay within that 125% requirement of nameplate amps (remembering that you have to round down), and reliably handling starting current. Fuses aren't cheap so you don't want them blowing every time you get a power blink.
You mention a 200 HP motor. Lets see what we have. A quick look says nameplate amps of 225 times 1.25 = 281 amps for overload protection. You have to round down so no 300 amp fuses allowed. Bet you have a hard time finding anything other than a dual element 250 amp fuse. You really think that is going to start that motor? Normally that fuse would be 400 amps if you had an overload relay.
Now to what I consider dangerous. I won't mention times I have been shocked or things that have caught on fire. This following is a real experience.
I had a set of three medical vacuum pumps. IIRC each pump had a 3 phase, 480, 10 HP motor. Each motor had an IEC motor starter with overload relay. Motor starter cabinet was fed from one breaker in an emergency power panel and motor starter cabinet had one MCCB for short circuit protection. One motor shorted to ground, IEC motor starter was blown to pieces with some melted wiring, causing upstream main breaker to trip on ground fault. Next thing you know I have a whole lot of patients without life safety/critical/equipment power (division of service wasn't required back then) and people on beds/stretchers trapped in elevators. All because someone didn't think three 3 phases fuse blocks with current limiting fuses were worth the price. You can bet your bottom dollar your's truly installed a new cabinet with class RK1 fuses and NEMA rated motor starters with electronic overloads the next day. Never had a problem again ever though other motors shorted to ground over the decades.
Too bad that sometimes bad things have to happen before the bean counters understand first costs versus life cycle costs.