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Absolutely!
As a matter of fact, I see NO reason to do a leakdown test UNLESS the compression test comes up low enough to warrant repairs. You only need to do this to determine where the compression is being lost, ie worn valves (air escapes through intake manifold or out tailpipe) or rings (air escapes out of oil cap).
With 150,000 miles I would still be interested in running a compression test as this is the most critical factor in the overall "health" of the motor. With that amount of miles, assuming as you say, it starts fine, I would assume it will be somewhere between the "new" compression spec and the "ain't gonna run" compression spec. Best to know for sure before getting into a "long term relationship" with it. If the compression spec is fine to you, then I would say forget about the leak-down test. If you're not going to fix anything-who cares?
Be sure to get the valves adjusted before the compression test, and the compression test is to be done on a warm engine, not cold. The compression tester for a Diesel reads much higher than one used on a gas engine. Does your mechanic have a compression tester for a Diesel? Maybe this is why he didn't recommend the compression test as he should.
Gilly
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