what kind of paint? what color? 2 tone or single color? how much prep work is he doing? you really haven't given enough information.
Considering that it cost me $1200 to get a showbike quality finish on a 1979 cb750F (1/4 fairing, tank, tail, front fender, and sidecovers) $200 is a bargain if you are getting close to what I got (silver with black center stripe and red pinstirping). however if you are getting macco job I could replicate that in my garage with a foam roller and $15 in paint supplies.
Most of my local guys won't do it for under $500. Back when I used to spray the materials alone could cost me over $100. That is for a 2 stage enamel or acrylic laquer (base and clear), in a solid or metallic standard automotive color (not custom mixed). The actual spraying is usually the cheapest part - the prep work is expensive.
personally if you don't trust him to do right by you then why is he your friend?
BTW, a buddy of mine works are a subaru dealership with a paint booth and he told me anytime I want something sprayed a subaru color just to give him the parts already prepped (all bodywork done and ready for primer) and he would spray it for $50-$100. The catch is I had to wait until a car the color I liked needed body work. Just a thought for those considering budget paint...