On average, how much would the hanging weight be of a 150 lb. live lamb?

On average (not for sure, just an average) lamb dress out at 51% so that X 150 = 76.5 lbs.
This figure will then need to be multiplied by 75% to get take home meat = 57.375 lbs. take home.

See this publication for more of a discussion on all the factors addressing meat cut out and percentages:

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