Pastrygirl, I was driving out to OB today and in order to miss the traffic and deep pot holes on Sunset Cliffs Blvd., I took the back way via W. Point Loma Blvd. Thee Bungalow is at the first stop sign on WPL Blvd. and across the street is the restaurant 3rd Corner. There was a huge banner on 3rd Corner saying the place was available to rent for weddings, receptions, meetings and other events.
I haven't been in 3rd Corner (but Chilepm has) so I don't know if it has capacity for 150 people or not, but it's sure worth a phone call to find out. Since it seems that they're actively trying to rent the place out, they might be willing to work with your price range.