Believe it or not, but MS already tried this little experiment, so they have experience. Xbox 360 Premium vs the Core package, it was actually a better deal than the PS5 digital because you didn't have to sacrifice anything at all. The Core had the same CPU/GPU and memory/bandwidth as the premium (Just like the PS5 digital) but it also had a disc drive, the only difference was the snap-on HDD and it was packed with a wired controller. THAT's IT! $100 less, but despite this minor gripe, gamers would refuse to get the core package, almost everyone went for the premium until MS phased it out.
A $200 difference made more sense to MS based on this experience and I have a feeling that the disc version of the PS5 will do immensely better. Do we know the numbers?