It was stated by them or in one of their articles that the 200 ribbons in the game is not counting any weather or time of day variant. It is strictly individual ribbons.
That's new info to me, any link to where they stated that?
Going from an estimated +/- 120 to 200+ without reusing layouts for different weather or ToD would be great, but it would be far fetched to get this. All T10 fictional tracks (apart from airfield) already have all the reverse circuits, for real life circuits I don't think it's even allowed for licensing reasons. And they don't miss that many tracks for all the circuits in the game to be honest.
Still it is possible, just on the Nurburgring alone you can already have 14 different modern configurations judging by the info on
http://www.racingcircuits.info/europe/germany/nurburgring.html#.WZjGlygjGUk. FM6 only had 3 of those. I'd like to see a few more used like the sprintstrecke, the Mullenbach schleife, the VLN circuit (= sprintstrecke + Nordschleife combined) but all 14 is a bit overkill for sure.
The question is though, do you really want all those combinations? Many real world circuits have a sports car GP circuit and a slightly different motorcycle GP circuit. Often the difference between both is in the little details, like on the Nurburging the chicane before the last corner can be taken via the F1 chicane (the first one, used in FM6) or the motorcycle chicane (second one, not used in FM6). Since we don't have bikes in FM7 I couldn't care less for the motorcycle variants tbh.
Having too many layouts that are almost identical isn't optimal either as it clusters the leaderboards and the circuit location might start to appear too much in lobbies.
Still, if they have been revamping all the existing circuits and add some missing configurations that sure would be nice. We already saw they use the resurfaced 2016 version of Watkins Glen, let's just hope the old one doesn't stay in anymore as just a different color of tarmac doesn't justify keeping both versions IMO.
Some historical versions of tracks would be great as well.