You can, but make sure that termination is ON when you hook it up. Mine was an early model, and the termination was labelled backwards, but I've got it to work with a PB 100 and a 165 and 180.
The 150 was the only 68030 powerbook with a built-in floppy that used the larger RAM modules of the Duo (up to 40M total!!!) and I think it had an IDE hard drive. The RAM thing is enough to make it still viable (although slow with 7.5), but the IDE thing, if true, would be a boon! That way, you could get a cheapo IDE drive for it and load it up with 1G or more for almost nothing.