Will this work to tame bass boom?

I assume you have exhausted the possibilities of re-locating the speakers?

Your main problem is likely a seating possition/speaker location cohesion/placment problem. You're either sitting in a 200hz peak, or you speakers, or both!
Besides "not enough bass absorbtion" at that frequency(or others), this is likely your main problem.
What are the dimmesions of your room? Also where do you sit, and where are your speakers placed in that space?
If you end up exhausting speaker and seating options, then yes, I STRONGLY RECOMMEND looking into the Rives Audio PARC. This is the single most transparent analog Parametric EQ I've encountered sonically. It's basically "not there" sonically, other than fixing your peak problems in the bass.
Other than that, if you do chose to corret the problem by simply "Bi-amping" your speakers, you can use a cheeper Parametric(like the Rane PE17) to simply put on the bass driver/posts. That way the midrange/trebble is untouched for sonic purity. Bi-amping also has benefits for dynamics in a passive system.
However, if your problem is right at the crossover point, you might run into challenges with Phase and level matching, etc, doing the latter route. In which case, I'd opt for the PARC(see www.rivesaudio.com) personally(and no, I'm not affilitated with Rivesaudio).
Still, your main problem is likely a room peak at that frequency. Figure your dimmensions and you'll know what your bass modes are, and where things lye.

Have you tried slapping some Tekna-Sonic bass traps on your speakers?
These would be much cheaper than a digital solution.
Anyone have success with these?

For the record, make no mistake, the PARC from rivesaudio is all analog!...not digital.