SATA is 100% backwards compatible. Any SATA300 device can and will work with SATA150. Some broken SATA controllers want you to set the SATA speed manually with a jumper on the drive, but that is an exception, not a rule.
RAID has nothing to do with the underlying hardware. Only thing that matters is the size. You can make a RAID out of floppies or ZIP drives or any hard drives you like.
So if you have a SATA150 RAID controller, then you can connect any SATA drives to it and RAID them. The size of the RAID array depends on the smallest drive of course and your speeds are limited by the slowest drive.