That sort of diving was pretty common when I began diving, even here in Tobermory, where you have the added "challenge" of freezing temperatures. My first 200' dive was solo, but I was wearing twin 72s, well and thoroughly pumped up.
While I can't agree with her methods, I find it hard to fault her too. She probably sips air as is often the case with very experienced divers, and presumably she is very comfortable in the water as it is her regular dive location.
As for her profile, my guess is that she does pretty much the same dive each day, and runs the same profile. It's worked in the past, so there's little reason to believe it won't work in the future.
I don't think the OP mentions her age but presumably she must be mid 60s or more. I would hope that she is taking her age in to account as it increases.
As far as her gear goes, it might not be ideal, but I suspect that her 40 as more than enough gas to make her way up. Someone referred to her pony and it's reg as possibly being suspect, but I don't think that there's any evidence in the OP to suggest that. I maintain my stage regs as I do my primaries (They're the same model) and I check my gas in those bottles just as I do my main tanks. Swapping regs in nice warm water really isn't much of a challenge...
Lots of people regularly do 200' dives on air, and some people do dives that are much deeper than that on air. It's kinda dumb, but in the right conditions, I suspect that many divers could function reasonably well (as long as the excrement doesn't hit the oscillator). When I was a young buck working in the tropics, 230, 250 on a single over-pumped 80 was a typical day-off dive for some folks.
I put her down in my "cool and eccentric" column, and I hope that we never read about her in the accident reports here. Somehow, I doubt we will...