I don't think it is possible. If I recall, the TD200 config data was actually stored in the S7200, and doesn't have drivers to communicate to any other kind of PLC. The S71200 fits the same market segment, but was built to be similar to the 300/400 platform, not the 200.
plc is good, EM module is half dead. i thought of replacing plc instead of module since the price is about the same, but that would also include replacing the HMI when there's no need for that for now.
I think balash's point was that it will be cheaper to replace just the IO card (I assume that's what an EM module is?) instead of the PLC/IO/HMI all together.
It probably is a good idea to do it sooner or later, since the 200 is mature now. Spare parts will only be getting more and more costly. Replacing might actually be cheaper in the long run.
I hear Siemens has a 200->1200 migration program that gets you at least part of the way there, but it doesn't include a lot of the wizards and things like that.