In this case you have 25% (200 amp controller and 150a motor)
But what you have to remember is the the only difference between a 10a and a 200a controller is ON resistance. The lower the resistance the less power is wasted in the controller hence less heat. So in this case just put a fan on the controller and it should be good to 250a or better. Replace the heat-sink with one out of a computer and it would probably be good to 300a. Manufacturers don't do this because heat-sinks are heavy and in a small rc vehicle that makes a big difference. Not so much in a go-kart.
This controller is only rated for 44v so you would be limited to 3 12v batteries in series. I would go with 3 series and 2 parallel, that way you could get it even (3 on one side 3 on the other).
With some nice deep cycle batteries you would be good for over an hour.
Heat sinks are a good idea, as well as possibly a radiator of some sort.
The controller is actually able to go up to 50.4 v, so the max limit is probably about 55vdc.
As for brushless motors not drawing more than 150 amps, I've heard of motors many many times smaller than this drawing more than 240 amps (blowing castle creations HV240's) in vehicles much smaller than a go kart.
The only difference isn't just resistance, though that does help to keep temps down. The bigger ESC's generally have more mosfets. Some keep a small size by using higher quality FET's, but most keep the price down by using the least expensive versions (this is a budget esc, it's big).
There are three rows of fets on the board, one for each phase. So each phase has a capacity of 200 amps. If you take two esc's, and solder them together so that the three fet rows line up in series, you can increase the capacity to 400A per phase. Won't hurt for those hard accelerations and burnouts.
~Jon McLendon