*Maybe*
First off, a Mauser is always a good addition to any collection. I have a 1908 Brazilian Mauser in 7mm that is fun to shoot and has excellent fit and finish. The Mauser action is safe and reliable. You can expect to pay more for U.S. compatible chamberings like 30-06 and 7.62.
Which said, you'll probably get, on a good day, 3-inch groups at 100 yd because of the barleycorn sights, uncertain bedding, indifferent muzzle crowning, large chamber, etc etc etc. You can buy a Yugoslavian Mauser in 8mm for $89 in my neck of the woods, and plink with cheap imported ammo for 12 cents a round. It is not cost effective to build up a custom rifle unless you can do the gunsmithing yourself. If you do customize/sporterize, you will ruin whatever collector value the rifle has, which may not be present due to the abundance of used Mausers on the market.
For $200, I can put that toward a good used Remington 700 in 30-06, add another hundred bucks and have a more accurate rifle "as is" that can be easily scoped.
My final answer? It's worth 200 if the bore is excellent plus condition.
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God and soldiers, we adore
In times of danger, not before
With the danger safely righted
God is forgotten, and soldiers slighted