It might help to see a picture but if you want to raise the level of the bubbles, you can either increase the sump depth or close the wedge pipe some. The ideal sump depth is relative to the load in the system, salinity and other factors. If your SM200 has the RD3 pump, the ideal speed for the pump is between 28 and 32 watts. You want to adjust the speed to get the most dense/thickest foam possible. If you have the standard Red Dragon pump, closing the nozzle on the pump will decrease the amount of air into the skimmer and increase the amount of water. This will raise the water level in the skimmer. Opening increase air and decreases the water flow which lowers the water level.
We have a dedicated Royal Exclusiv for here and there is a setup and tuning thread with lots of info. I would suggest reading through it as it will give you a lot of insight into fine tuning your skimmer. It would also be a good place to post a picture of the foam level inside your skimmer.
Here is a link to that thread.
http://www.reefcentral.com/forums/showthread.php?t=2546139