Either/or, will nice to have a new plane, but it isn't going to happen for quite awhile (2010-12). During the Boeing demo over a year ago, they showed the schematics on the bomb bay, already been wind tunnel tested and built, isn't a clamshell type like the current one, folds up into the sides of the bomb bay instead, so not in the slipstream. It was interesting when they demoed a single engine climb out with simulated onstation weight profile (lead bags in the fuselage), climbed out better than the P3 on four engines.
As for 200', well, I imagine that you would just have to be congnizant of any limitations, I am sure the altitude hold will work vice the nonexistant ones that I have seen in the fleet (or degraded ones in single channel that kick offline after 30 minutes of heating up... can you say a weak EDC onstation and all the electronics kicking?). Plus, there are still those hazreps that you read of a crew losing the bubble in a high AOB turn, losing airspeed, and pulling out at ~70 feet as noted by the FE....