I think you mixed up bit and binary datatype.
Binary datatype is normally used for images, text, storing a pdf in your db, etc
If you want 1 column to store multiple values using bitmasks, than you can use an integer to do that.
e.g. see examples in system tables like sysdatabases..status (small int) and sysdatabases..status4 (int)
Sybooks: The bitwise operators are a Transact-SQL extension for use with integer type data.
So it looks like you've got to use multiple columns to achieve wat you want.
Why would you want to store 200 bitfields in 1 column?