There is more to this story than we know. An IP of 150, assuming it's stable, is not that big of a deal, esp if the second stages are balanced, per a DR add, they are. The regs specs the IP at 140 while a bit over spec, 150 is not excessive. If the second stages were set up with an IP of 150 they will work fine, there is no magic about the exact IP value. Balanced second stages deal with excess IP to a point but even unbalanced ones will respond with a slight freefow, rather than a large one. Depending on the tune of the seconds, if they were set with a 140psi IP , I wouldn't expect them to start slight freeflowing until around 150-155 unless the tech who set them up had them right on the edge.....something most techs will not do. These second stages (or at least the ones in the add I looked at) have user adjustable cracking pressure so again, a 150 IP shouldn't be an issue.
Even if the IP was 150 and the second stages set light, the freeflows shouldn't be more than a dribble of air, if it was more then that, there was either a complete first stage failure (stuck open) or operator error. The first appears to be a sealed diaphragm first stage (looking at the add) with pretty much eliminates it freezing which leaves intermittent failure of the first stage or operator error of the second stages. Intermittent first stage failures are almost unheard of so this leads us back to operator error. I an not trying to insult the OP, just logically looking for a cause.
Contrary to what some seem to think, the venturi on many modern regs has a massive impact on second stage performance. The combination of a high IP, light tune on the reg and venturi set to max is a prime candidate for freeflow......this is NOT equipment failure, it is operator error.
This is my best guess of what happened.
During reg recovery skills, the primary second stage was rapidly tossed away which caused it to freeflow (use to see this all the time when I was a working DM), this is NOT equipment failure, it is operator error. Octo was quickly grabbed and as it moved through the water, it too started to freeflow. If they could not stop the freeflow until the tank valve was shut/ tank empty I suspect second stage freezing. Given the water temp and flow capacity of the regs, it is possible that the second stages froze open, a condition that would quickly go away once the freeflow stopped. This is operator error combined with physics and my best guess of what happened.
As I said above, I am not trying to insult the OP but rather trying to come up with logical cause of the issue. If we find the root cause of the problem, it can be prevented from happing again. Bottom line is an IP of 150 is a bit high but not excessive, nor would it cause a large freeflow, esp of both seconds. This leaves 2 possibilities, intermittent first stage failure which is very unlikely or operator error.