My understanding is that the P200 MMX OD is a single-voltage 3.3v (Socket 5) upgrade CPU, with integrated fan. The original P200 MMX is a dual-voltage (Socket 7) CPU. Their cores are probably identical in other respects.
I guess that the P200 MMX OD is a drop-in upgrade for the WinChip 200 on V1/V2/V3, and should be better than the WinChip2, but about the same the Rise MP-6, clock-for-clock.
Note that if you have multiple versions of the I-Opener, you can often get a Rise MP-6 for free when you upgrade a V4/V5 with the AMD K6-III/II+/III+. The MP-6 can then be used to upgrade a V1/V2/V3 after doing the split-plane and Vcore mods. This would pretty much eliminate the need to buy an additional upgrade CPU for the V1/V2/V3.
What I'm trying to convey is that there's no economic rationale for the P200 MMX OD over the other available options. However, if you get it for free, it's probably a good upgrade choice for the V1/V2/V3.