In the old red guide book, Joanne Urioste, who put up the route, describes the first pitch ending at the ledge in the photo. Ropes, and therefore pitches, were shorter then, but it still makes a nice place to stop and belay if you wish. If the top of (the linked) P1 is another 150' above the climber wouldn't that make for a 250' pitch?
I always thought Handren has that pitch stopping there because that bolted rap anchor is somewhat new- guess he pulled that info from Joanne's book. I first climbed it on Swain's beta and the top of 1 is above the triangle feature. And no, the top of the first pitch is 195' from the ground, that ledge is only 45' or so up, which is why I never considered it a belay.