Should you be running? Naw...not if you otherwise like the airplane.
I just bought a 1963 Cherokee, and log books are complete, but yes, they are a "mess". However, if carefully reviewed, there really is no issues on your 150 that should not have been addressed (AD's and such) in recent years so shouldn't be your deciding factor. If the plane is what you want, price, equipment and times, then certainly reviewing the logs for AD compliance and quality of repairs plus an "extensive annual" will mitigate your risk substantially. My Cherokee had a full outboard section of wing replaced (337 but no damage history????) plus part of the tail at one time. Then there was some brackets with corrosion (steel) that were replaced, but the general airplane, while it does show some surface corrosion, is in good shape, so I bought. Time will tell whether you and I are right, but time is okay as long as we are flying.
