SUMMARY
If the iron quant ROI measured 600, the R2* value would be 600 Hz and you would do 1000/600 as described below for a T2* time of ~2ms, which is normal.
A quick way to do fat fraction from MR physics is:
In phase - out of phase/ (2 x in phase)
In this case, in phase was 400, out of phase 200 =
400-200/(2X400) = 0.25
Fat fraction is 25%