unless it's really high up it will likely leave the ends dim, but it'll be fine for top-down lighting. I'm running a TEK 6 bulb T5 fixture over my 40br and am actually trying a 4 bulb only experiment to see if my corals end up happier. I think my LPS on the bottom are struggling with the extra light from 6 bulbs. I think, if you're willing to compare apples and oranges a bit here, 4 bulb T5 arrangements are quite similar to 150w MH set ups. I'm basing this off my single end experience MH experience in another tank. I had a 175w MH over a 33g cube (18" deep as well) and had a flawless conversion to 4 bulb T5 set up with no change in growth rate. Just like my 6 bulb, my 250w MH on the 33g gave my LPS hell.
So, long story short. 2x 150 would be ideal but a single 150 could hold you easily until you go the funding for another fixture to add. Or, you could run a single 150w in the center with a pair of 39w T5s running the length of the tank, one white and one blue. I like ATI bulbs, personally.