I was, perhaps, too harsh and not so clear.
A Revox deck with worn out heads will most likely also have many other worn out parts that wear as a function of usage. A worn out pinch roller it the first that comes to mind. But that might be in need of replacement due to old age anyway.
Also, the tension arms will have created grooves, as will the tape guards near the heads. They can be turned by 90 degrees for extra life or be replaced - they seem to go cheap and I buy whenever I find them in the 2-3 euro price range.
The tape counter belt also seems to be broken or missing in many of these decks. Again easy to find and replace, they come in kits with the pinch roller.
Finally, the left hand side bearing acting as tape guide might need replacement and the stationary RHS guide will most likely need to be turned.
Luckily, nothing else on the deck seems to get old and die. I have only heard of one faulty capstan motor, but that might have been caused by leaving the machine on for years.
Pricewise, it all depends on how much one is prepared to spend and how much alternatives go for.
If $400 seems like a decent amount for a B77, then yes, a $200 price on the deck is a fair price.
And my PR99 sounded very good even with totaly worn out heads. Just a little bit of phase modulation in the highs, but that was barely audible in normal programme listening. But it then sounded terrific when the heads were replaced.