With an elevated Ferritin, do you recommend that I supplement with iron as I go through the protocol, or just keep an eye on the level and only supplement if my level is dropping below the optimal of 200?

If your ferritin is high, then no. You don't need to supplement with iron. Just keep eating red meat as you said you’ve been doing. 

But like you said, if your ferritin does drop below 200, then you would want to start supplementing with iron at that point.