Having just setup my nitrous system, i have a few pointers for you. Take them with a grain of salt
1. Are you running a mechanical or electric fuel pump?
2. What is your jetting, i missed it. FYI my 150 is 63n 57fuel but im not 100% sure i can double check if you would like
3. It is always recommended to start at the smalles nitrous shot you have jetting for. this minimizes damage if something is off
4. FLOW YOUR FUEL SIDE
5. Jet RICH on fuel first
6. The first time you hit it, only hit it for abou 1-3 seconds. Then let off, pull plugs and make sure everthing looks okay
7. Reatrd timing while on the bottle
Im running approx 400 hp on motor, then the 150 shot on top. Im running a 150gph Aeromotive pump. My gauge reads about 8psi at the fuel solenoid, but dennis and i flowed it at 6.5psi. When i hit the button, i can hear it make the pump work harder. But it is more than enough in my case. I also have 0 delay in fuel delivery after i hit the button, once i bled the lines. I also have a Wideband air fuel gauge, my tuneup is still rich (rich=safe to a point) while on the bottle im in the 11.2 range. Ill eventually lean this down a little bit.
I've never setup a system using a mechanical pump, do the lines drain down after you shut the engine off? If so, and you are running a mechanical pump this may be why you have air everytime. If so. I would recommend either going to a dedicated electric pump, or if you must run the mechanical pump. Bump the button a few times with the nitrous bottle OFF until you can feel the fuel come in (engine will bog from the extra fuel)
If you have any questions feel free to ask