A drilled tank looks better as you dont have all the stuff hanging off the back of the tank.
HOB overflows can fail causing floods.

A drilled tank or (Reef ready) tank will have a higher resale value.
Big tank time!! Where will you place it? it's gonna weigh about 1200-1500 lbs.
Live rock or dry rock?
LR will cost about $8-12 per lb dry $1.99-5.00 lb.
I use dry pukani from BRS 75lbs will be enough for a 150 add 2-5lbs of good live rock to seed the dry rock.
Substrate, most sand gives about one inch per pound So about 150lbs will give you a 1-1.5 in. sand-bed
Lights Here's the biggie buy the best you can the first time This goes for every thing dont skimp! or you'll be buying more later.
LED's are the way to go
IMHO. the Tao Tronics will grow any coral you want.
Heaters and skimmers I run two 1k watt heaters in my system (235 gl.) Get a skimmer rated for 2x your system volume (total of tank and sump)
And the most important item in a reef system a good
RODI system. Plan on spending $ 5-15 per gallon for a full blown reef system.