First off, great choice. I run the same skimmer on my system. I do however hope this skimmer isn't on a 150G display. If so, it's WAY WAY WAY oversized and likely won't be very consistent unless you run it really wet. If it's on that 470 you're buiding, then you're going LOVE LOVE LOVE this skimmer! It's been by far the best skimmer I've ever owned and trusts me when I tell you, I've owned a lot of different skimmers over the years from German Made Klase skimmers to Beckett skimmers, Reef Octo's, Euroreef, Vertex Alpha's etc. Despite paying full retail for my SM250's I can still say it was worth every penny after 1.5 years.
Don't use the pump speed to control the water level inside the skimmer. You use the pump speed to get the best foam quality. Typically, that is around 36-38 watts forfor the SM250 and other 250 sized Bubble King skimmers on appropriately sized displays. If this is on a 150g tank, your likely going to need to run experiment to find the sweet spot. These skimmers need a consistent amount of dissolved organics to maintain a good foam head. Due to the diameter of the neck, these skimmers should be matched properly to the display size. In the absence of enough dissolved organics, the skimmer won't be able to maintain a consistent foam head. Instead the bubbles will burst at the surface and not stick together so as to make good foam. As such, if your skimmer is disproportionately sized to your tank, you will need to run the skimmer deeper and wetter to keep it producing consistently or just live with on again/off again skimmate production.
The water level inside the skimmer ideally is set with a combination of sump level and wedge pipe. I first dial the foam quality in via the pump speed. In your case, set it 36 watts if you have a really heavy fish load or 38ish watts if your load is lower. Let it settle in for a day or so. Then with the wedge pipe wide open, raise or lower your sump level until the transition from bubbles to foam is right at the white collar where the neck attaches to the body. That will be your driest skim setting. From their use the wedge pipe to adjust from dry to wetter skim.
We have our own forum here on Reef Central and there is a Bubble King setup and tuning thread where fine tuning these skimmers has been discussed in depth. You might want to take a look here:
http://www.reefcentral.com/forums/showthread.php?t=2546139