IMO no that is not nearly enough flow (gph).
Your pump is rated at 500gph and with 4-5' of head height you will be lucky to get 400gph out of that pump.
So 400gph divided by tank volume 150g = 2.6 turn overs per hour.
In a recent poll we found out that most MFKers liked around 6 turn overs per hour on there sump systems.
So if I were you i would upgrade to a pump with around 1100gph or a little more to compensate for head height. You need 900gph at the tank to hit that target number.
For me I have a 1325gph pump running on my 125g. And thats around 10 turn overs per hour and if i were to do it again I would get a bigger pump. Even with 10x turn overs i still get alot of debris on the tank floor.