Most if not all constants like that are not described, documented or otherwise discussed. For the most part the Bitcoin Core code is the reference which everything else follows, rather than the code trying to conform to any sort of standard. If it were hinged on a particular piece of documentation the network would need to be hard forked every time there was a new behavior found that didn't meet the specification.

201 operations is indeed the limit, and there is also a hard limit on the number of signature verifications that can occur in a block as well. Of all things in Bitcoin the script engine is probably the least well documented of all and has a number of oddities, partly due to its late inclusion.

It is when the client tries to verify the data for the next transaction when there is a problem.

You can make all sorts of completely invalid output scripts, because as you have found, there's no validity checks on them until they are spent. It is up to the author of non standard scripts to understand the system and not render their coins un-spendable. If you don't understand it, try these things out on testnet3 before you lose real money to them.