The thing with a shunt, it's basically a low-ohmage, high accuracy, resistor.
To know if it will "work" with the Arduino, in that you can a) read decent values from it and b) not fry the Arduino, you need to do a bit of Ohm's law.
You need to know the resistance of the shunt, and you know the expected peak current. Given an example resistance of 0.001? (1m?), we can calculate that for 200A flowing through it you will drop (V=R*I) 0.001 * 200 = 0.2V. That's not much range to play with. If the shunt is 0.01?, however, that would equate to 2V. If it were 0.1? it would be 20V and your Arduino would melt.
Also, if you're thinking of doing high-side readings, you'll need a high-side current shunt amplifier to isolate the higher voltage offsets from the arduino. Do low-side if you can.