There is absolutely no problem in submitting an app with size 200 MB or more. There are games that weigh more than a Gigabyte. I submitted an app in the past that weighted 250 MB. So that shouldn't be any problem for the approval.
Unless you have something fishy there (e.g. audios that won't ever get played in the app, etc.), there is no problem with the app approval in this sense. As someone already estated your app may only be downloaded, once approved, over Wifi or through the iTunes desktop application, but not through cellular data plans. But that is another matter.
Ah! And you may keep all the audios in the Application folder as long as they are not going to be changed since the moment the app is compiled (ie, they are read-only files).