The O-200-A is at best a 97 hp engine at 2750 rpm, and in a C-150 it won't generate enough rpm to give you anything close to that on takeoff, or on a rejected landing. A C-150 with the Sensenich 69CK at full throttle has a static rpm between 2470 rpm and 2320 rpm. The McCauley 1A100/MCM has a static rpm between 2475 rpm and 2375 rpm. The McCauley 1A101/DCM 21 is the only climb prop option for a C-150 but the static rpm is still between 2600 rpm and 2500 rpm.
Cessna limited the flaps on the C-152 to 30 degrees maximum, rather than 40 degrees maximum on the C-150. That's largely because on a hot day at anywhere near the 1600 lb gross weight, if a pilot got a Cessna 150 back on the power curve (around 50-52 mph and below the 58 mph approach to landing speed with flaps) with 40 degrees of flaps, he'd be in a descent even at full power. The only way to gain airspeed in that situation is to either retract the flaps to around 20 degrees, or lower the nose to reduce the angle of attack. Either way it means trading altitude for airspeed, so if the pilot delays too long, there is no arresting the descent.
40 degrees of flap rather than 30 degrees on a C-150 has very little effect on minimum stall speed (48 mph versus 48.5 mph), but it does significantly increase drag. That said, if you need more drag, you are better served by a slip, as you can quickly add, and just as quickly remove drag with a slip, and you can add and subtract drag proportionate to your needs. The lack of a 40 degree maximum flap setting on the C-152 is not something many people miss.
If a possible rejected landing is anything other than a remote possibility, 20 degrees of flap makes far more sense in a C-150 or C-152. The stall speed is still only 49 mph, and a C-150 will still climb (poorly) at 1600 pounds with full power on a hot day.