Isn't a volume the same thing as a partition?
Yes.
How many volumes can you have? A-Z = 26?
On a "Basic disk" you can only have 4 partitions
(but more drive letters by having one of them be
an extended partition with logical partitions within
it.)
But driver letters are not your issue. You need
separate volumes and volumes don't require letters,
especially for your purpose where you wish them
to appear as subdirectories.
Also, if you convert a drive to DYNAMIC and
you can have almost as many partitions as you
can imagine.
Then you just mount each partition into the parent
volume/directory of the desire filespace.
You can do this (with limitations) in Disk Management
(of Computer Management) or more flexibly with the
(dangerous tool) linkd.exe from the Reskit tools.
You can literally create and mount the 200 volumes
you need.
You 'quota' can be enforce by either using the size
of the volume (no one can exceed it, cumulative) or
by having different quotas (on each volume) for each
user separately.
That is, you may not need the actual quota setting but
be able to just use the volume size -- or your can
use both with 1 set of quotas per volume.