Tusi, it is a good idea for the noise and heat although there are some issues. Most A/C and refrigeration systems work similarly, they move heat from one place to another.
A 1/3 or 1/2 HP would seem appropriate for a 200 gal. tank in NY. If you have MH in a poorly ventilated canopy, I'd lean towards bigger.
Then there are minimum flow requirements and piping losses to consider due to increased distance.
I currently have a 1/3 HP remotely mounted in an attached small garage/ laundry room and it does add its few thousand BTU's when it runs. It would be more efficient in a cooler location, but it is the tradeoff of having it indoors yet not by the DT .
Any larger unit, I'd mount outside and protect it the best I could while being conscious about ventilation and dirt/ corrosion.
I'm in a hotter climate and freezing is not a concern for me. It may be for you.
Insulating the piping is a good idea as well for heating and cooling.
I'm not trying to discourage you at all, I love mine being remote, just be aware of a few minor things to consider.
Captsluggo