As to the question of s/n differences between the 200 and the 770, SoundHound offered some thoughts on that subject in
this thread . I will only add that the reports so far have been pretty positive regarding the 200's performance.
If you were to get a pair of 200's to drive your mains and have the 4800 handle center and (4) surrounds, I do not think you would have an unbalanced problem. The mains would have more headroom, and you would certainly want to re-calibrate your system, but you should not have a problem otherwise. As a real-world example, I used to run a Model 1050 receiver with a Model 750 amp -- my mains, center, and surrounds each got 165W from the 750, while the surround back channel got somewhere around 65W-80W from the 1050's internal amp.
Option 2 would also be a good approach. I haven't ever heard the 4800 to know how it sounds or how well the internal amps perform, so I don't know exactly how much impact the 755 would have. Would it be wasting your 4800's amps? Not if you liked the sound of the 755. A lot of people use receivers are pre/pros, often bypassing
all of the onboard amps. You could even make note of the fact that the 4800 was used with outboard amplification for part of the time you had it when you go to sell it.
Is the 950 a better pre/pro than the 4800? That, I don't know for sure because I haven't heard the 4800, but I suspect that the 950 would match and very possibly top the 4800 as a pre/pro. The 950 offers more robust bass management as well as Pro Logic II decoding. It is a stand-alone pre/pro, which can offer some design benefits over a receiver (even a flagship receiver like the 4800).
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