I think it would probably take forever for the initial lookup, because the probability of matching any 3 byte sequence is higher than matching a 200 bytes sequence?
It's basically scanning a random byte-stream for a 200-byte long exact match. 200 bytes, 1600 bits, or 2^1600 different possible sequences, making the odds 1/2^1600 that any particular 200 bytes pulled out will match the bytes you are looking for.
Even if pi isn't normal, there are plenty of normal numbers to choose from (almost all of the reals are normal, in fact), including some really simple and predictable ones like Champernowne's constant (in base 10: 0.1234567891011121314...) that would support simpler index calculations than pi.