I grew up sailing on this lake, first Sunfish and Lightnings and then onto bigger boats to my J-29. Sailed out of here and Winnipesaukee Yacht Club for years until I moved away.
This is a great lake to sail on, and the flukey winds make it challenging. If they are still doing it, the great overnight around-the-lake race should be coming up in about a week (normally August full moon). Goes Sat dusk until finish on Sunday noon.
As for the question about the 150 ft rule, in an organized sailboat race, there are rules of engagement between two boats (in terms of who has right of way), but the only distance rule is you can't hit the other boat under any circumstances.
In all the years of racing (40+), I never even thought about the 150 ft rule when racing.