No. The initial cost is a sunk cost that he has paid regardless of whether or not he takes the flight. He's already certain that he's not taking the flight, so he has only the options: [ ] Get Refund [x] Attempt to make a point

The first pays out $49; the second $0. The opportunity cost of the second in relation to the first is $49, not $199.

The questionable part of that is the $450 he claims to be costing the airline.