I think you are right
I think what BugHunter was referring to is the amount of pressure in the tank required to overcome ambient + IP.
For example, at 132 feet you are at 5 ATM (surface 1 ATM, plus 4 ATM for the water over your head). Your pressure gauge is reading the pressure within the tank, and calibrated to 1 ATM.
So if you add 4 ATM of water pressure (4 x 14.7) you have an additional 58.8 psi of ambient pressure for the 1st stage to overcome... 150 IP + 58.8 = 208.8 psi to take a "normal" breath... looks like he added another 150 to get 350?
Or my math is off
Anyway, I think what he was getting at is the actual pressure reading that you would need to see on your spg to still get that last "normal" breath before it started to breath hard, then stop delivering air all together (at depth).
Best wishes.