It seems a little untimely to be asking about this horn after you've already bought it.  $200 is a decent sounding deal, but if it needs significant repairs it could put you underwater on its value.  But you will be the ultimate judge of whether you like it and think it's a good deal or not.

You'd asked earllier about the plating-in-a can stuff.  It works only if the surface is perfectly smooth.  Getting a whole saxophone prepped to where it would work would take a huge chunk of your life.
 

I have a Pan American alto in my collection.  My understanding is that Conn marketed their older instruments under the Pan American label, just as Buescher did with Elkhart and Martin did with Indiana.  Also, King used Cleaveland.

The Pan Ameican may not have all the bell and whistles as the older Conn, and possibly the workmanship may not be quite as good.  But they are generally pretty decent horns.