Yes, you're right, they can't both be the slave! With the card as master and the MX200 as slave, you would expect it's analog output to have signal. It's s/pdif out will have signal too, but unless the card is a slave, it won't recieve it.
And, no, you can't fool it into working by switching the card to external "on-the-fly". I've tried
I have the same problem with a Behringer a-d, d-a converter I have (SRC2496), the a-d and d-a converters have the same clock selector and the d-a only works if that's External (slave), while my soundcards s/pdif input only works as slave too - can't have both.
Some soundcards could work. Creative Audigy for one. It doesn't need to change to external to recieve s/pdif because it resamples the incoming data to its internal 48Khz rate.
The Behringer SRC2496 I mention could function here too, in it's sample-rate converter mode, it would keep the soundcard fed with an external clock. The soundcards s/pdif out should then follow that clock.
Routing...
Soundcard s/pdif out > MX200 s/pdif in
MX200 s/pdif out > SRC2496 ( SRC mode, internal clock) > Soundcard s/pdif in (external clock mode).
Otherwise, I can only suggest using the MX200 analog output instead, are you able to return this via your desk on a pair of channels in the TDIF?