In this regard, I think the 150 is like the 200 and 225. The only two things that automatically bring the engine down to 1800 rpm's is oil pressure and overheat. If overheat, it will drop down to 1800 rpm for 20 seconds. If the overheat is not resolved in that time, it shuts down. If low oil pressure, it will drop down to 1800 rpm and continue to run at 1800. Either one of those situations should trigger an alarm, at least it does on the 200/225. It seems like with the green oil pressure light staying lite when the engine rpm's drop down, then that points to an overheat situation. As Johnny implied, check the heads and manifolds. Best to do that with an IR heat gun. They are cheap and useful for lots of things. If I were in your position, the first thing I would check would be the new thermostats and make sure the water pump was installed correctly. If I recall correctly, the 150 has two thermostats that are different from each other. Is it possible that they were installed incorrectly? Put the t-stats in a pan of water on the stove and make sure they open when heated up. They don't open very far. On the 225, they only open 3 mm. Again, if I recall correctly, one of those t-stats opens at a different temperature than the other one.
I believe the procedure for pulling codes on the 150 is the same as the 200/225. Pull the engine cover, remove the cover over the electronics, and find the red four-prong service connector. Shunt the lime green and black wires with a paper clip. Turn on your ignition and count the number of long and short blinks on the MIL (check engine) light. The codes for the 150 are different than the 225, so I can't tell you what they mean. Hopefully someone else will post them.