Yes it will. They actually are a good little ballast and really run at 175 watts. If I understand what ARO did with this ballast, is make it a 175 watt ballast so that it will also run HQI 150 watters closer to spec. A normal 150 watt electronic does not.
A typical 150 watt electronic will pull about 155 to 165 watts and the 150/175 will pull about 180 on the low end. This is the correct ballast for 175 watt Mogul bulbs, as far as electronic ballasts go. Sell it with confidence.