For 150 the Simmons Aetec would be my suggestion to look into. I don't own one but have a few buddies who do and they are pleased. For the money I think they are pretty hard to beat.

If you can swing 200 you have more options like the Bushnell 3200 Elite & Burris FF II, both offer good bangs for your buck. I have experience with both and no issues to report. Another in this range is the Nikon Buckmaster, which I have no experience with but have seen many who like it.

As far as bullets anything 150 -165gr will work just fine, just need to find what your rifle likes to chuck. I reload butin the pastfound Federal Premium and Hornady to be the most accurate for OTC ammo.