200 Amps is still too high, and here is why:
The circuit breaker protects the transformer and must be sized per 450.3(B), maximum 125% of rated transformer current for primary protection only. Note it says maximum, so while the OCPD might seem small, as others have pointed out, there is nothing to my knowledge that says this isn't allowed. The maximum OCPD size is 338.7 Amps (225,000/(480*1.73)*125%). However, we cannot round up to the next higher rating in this case due to what is being done on the secondary. this provides a 300 Amp, primary side, maximum OCPD.
The problem I see here is the secondary conductors must be protected according to 240.21(C). The primary protection extends to the secondary provided 240.21(C)(1) is satisfied: the rating of the OCPD does not exceed the secondary conductor ampacity multiplied by the secondary to primary transformer voltage ratio (240:480 or 1:2). your transformer must be single voltage, 3-wire secondary for this to be allowed. This means the secondary conductors must have an ampacity of at least 400 Amps (200 * 480/240) if you intend protect the secondary conductors with the primary OCPD. I suspect you have parallel sets of 350's currently installed, which would still be compliant with 240.21.
Unless someone can make the argument that protection of the secondary conductors is not required, removing one of these sets and replacing the 300 with a 200 Amp breaker would create a violation. Assuming there are parallel 350's, each good for 310 Amps, the primary side OCPD must be maximum of 150 Amps to ensure the single set of remaining 350's are protected.
I would also encourage OP to consider table 450.3(B), Note 2 with respect to the heaters. That note might help you prove that secondary protection is provided.