Ted,
The kind of airplane you're flying is key here, as well as the runway. I've done this a few times at places like Ontario (ONT), which has ~10,000' runways, so even if you're at 180 at 200', you'd be fine. This is also easier to do on something that's not an ILS because you can get down early and then bleed of speed while maintaining altitude. The one thing I can't do very efficiently is to slow down quickly and descent at the same time.
Also, if the ceiling is 200', and you're on an ILS, I'll be back to 120KIAS. Basically, if I can't lower the gear at the FAF because I'm going too fast, then I want to have plenty of altitude (>500') to play with to get set up for landing, otherwise I'll be back to 120 or 150 IAS.
This is good practice even if you never use it, IMO. If you can fly an approach at max speed, it's going to be much easier at slower speeds.
-Felix