I use a 40b on my 150 and it works just fine. Actually, the 40b is the common sump for a 150g display, a 90g Fuge and a 50g backup tank. So in essence I have a 40b for almost 300g worth of tanks. There are two "keys" to using a smaller sump though.
#1 - Return Pump
I've found that the bigger your return pump, the more water height you have over your display's teeth. Think about it this way... If you were using a dosing pump as a return and it went off, there would only be a few drops of water going down your drain. If it turned off then that is how much water would still be in the display "waiting" to drain into the sump. As pump size increases the amount of extra space in the sump you need does as well. Plus, I've found that most people over-size their return pump. All you need is a pump that is rated at about the same GPH as your skimmer.
#2 - Siphon Breaks
Keep them as high as possible so almost NO water back-flows