200F for the power supply is too high, IMO. What program are you using to measure the temperature? Is it current? Have you looked inside the case and confirmed that the fans are running as indicated (I know you cannot measure their rotational speed by eye, but you will have an idea of whether they are working at all, or if they are, are they clearly slower then they should be), that nothing (dirt, dust etc) is obstructing air flow?
My power supply shows two sensors using iStat Menus (vers. 2.0) and they are currently at 62C and 57C (so less then 144F) and they rarely get above 70C - the power supply temps are by far the least variable on my machine. My four memory modules (A1, A2, B1, B2) are sitting between 37C and 43C, and CPU's are sitting around 26C. iStat says the ambient temp is 22C (71.6F). Top shows my load average right now as 2.19 and I currently have 1.37GB of of 10GB (total installed) free (0 page outs).
My Fans are running at their defaults:
CPU_MEM = 500rpm
IO = 800rpm
Exhaust = 600rpm
PS = 600rpm
This is all for a 8-core 2.8Ghz early-2008 Xeon machine (10GB RAM, single 1TB hard drive). It is running OS X 10.5.8 (in my sig., it is my personal MBP that is running 10.6)
SMC Fan Control does nothing permanent to your system. You can launch it, use it, close it, repeat as you want, it makes no permanent system changes at all. It cannot void you warranty since all it is doing is altering fan speeds within the limits defined by the system. It will not allow you to set fan speeds below the Apple determined minimums, nor to exceed the Apple determined maximums.