Re: 1977 Mercury 150HP
I owned a '77 Merc 1500 for 20+ years. Since they are only 99 CU IN in displacement, they qualify as a high performance motor (IMHO). They are a bit finicky, and need to be tuned closely to put out the power. Most of their power comes in the midrange and top end. They have less low end power than expected, especially if propped for speed.
However, if you need a lightweight, powerful motor for cruising at 2/3 throttle, I do not think they can be beat.
My only concern for you is that it may be difficult to find anyone to fix this motor, due to it's age. If you can do your own work, great. If not, you might like to pass on it.