Hey,
Certainly, if you could potentially create 150,000 search result pages from only 200 or so products, then you are straying into the ground of near duplicate pages and what is often known as 'search within search'. As you stated, chances are not only could these pages be problematic in themselves, they may drag down other pages.
My advice here would be to try and tie this to your search marketing and keyword research. Look at the actual terms that get searched for and consider some pages that may be useful. Then, if you don't have a page for this, then consider creating maybe tags or categories for these few (certainly less than 150,000) pages and supplement these pages with some additional unique content if there is duplication with other categories.
In fact, try to keep the duplication as low as possible and also try to stick to best practice with those search category pages (canonical, prev next, show all page etc).
Certainly have the search, but I would most likely hide it from search engines and noindex the deep search pages but supplement these with some category pages and/or content pages as tied to your keyword strategy.
Some interesting reading:
http://www.mattcutts.com/blog/search-results-in-search-results/
http://www.seomoz.org/blog/fat-pandas-and-thin-content
Alternatively, you could always tinker, and have a go, and then put things back, but odds are, this approach is just creating nearly 150,000 near duplicate pages which are exactly the kind of pages they are currently trying to remove from the index so your main landing pages may end up being collateral damage.
Hope this helps!
Marcus