Unfortunately no, it doesn't matter if it's fat or muscle. The excess weight puts a strain on the heart.
Frank Zane was 5'9" and competed at around 180 or less. Probably weighed 200 when bulked on drugs. Zane's natural weight was probably 170.
Steve Reeves was a shade under 6'2" and competed at around 200 or less. His normal weight 210. Natty.
So Reeves was 5 inches taller than you and weighed 10-20 lbs less than you and he was natty.
Take some relaxed pics of yourself from the front, back and sides. You probably be shocked at what you look like.
Pants size doesn't measure waist really. Modern pants ride at the hips.
You were close with Frank Zane's weight - he competed at 185-lb generally, but competed at around 200-lb in 1980. In fact, he may have hit 205-lb. That was his heaviest competition weight at 5'9", and when I talked to him in person, he said that he felt he didn't look good at that weight. I personally felt he did look good - his condition, albeit down a little, was still good by the standards of other competitors [even if down by his own standards], and his back was much thicker when he competed at 200-lb or 205-lb, or whatever it was in 1980.
Otherwise, 185-lb was the sweet spot for him, and likely the weight he was when he won his won his three Mr. Olympia contests [1977, 1978, 1979].
I agree with you that he was likely a natural 170-lb.
So you, you got all those weights right for Frank.