The main problem with drop-and-replace on the sequence is that the sequence reader is probably
going to use MAX(objectid) to trash your effort. 200M features is a lot of features to reload, so you
might look at creating a NEWIDS table that pairs the orginal OBJECTID with "rownum as new_oid",
then UPDATE using that driver table. THEN you can replace the sequence.
For the future, you might consider using partitions to manage the aging process, with LOCAL indexes
to keep them valid when you lop off the aged out fragment (the "delete" is instantanous, and you can
organize the temporal chunks to reduce spatial fragmentation and swap partitions instantaneously
as well -- nothing quite like a highly performanant very large table!).
- V
BTW: The limit on a 32-bit integer is 2^31-1 -- -2^31 is the signed minimum and 2^32-1 is the
unsigned maximum.