I have an '02 200 (same bike, different stickers) and I am currently running
a DID 520V O-ring chain on Renthal sprockets. I have not had any issues with
the lesser amount of clearance than the stock chain and countershaft sprocket,
and I've been riding with this setup all summer. I did swap out the stock
chain guide for a Fredette unit, but I didn't check whether the chain would
have rubbed on the stock one first. It shouldn't present a problem for you
to run an O-ring, after all the 220 uses the same cases as the 200, and it
comes stock with an O-ring chain.