A person who has driven FZ, will definitely get impressed with the power P220 has, but might not like the bike overall. When it comes to braking stability and higher RPM vibrations, FZ is much better than P220. I have done back to back TD and am saying based on that.
I also went through the same situation as yours and believe a long back to back Test Drive is required to judge the bikes. I did that and based on that bought R15. You can read the detailed TD for R15, FZ and P220 on my thread - http://www.xbhp.com/talkies/what-bike/13168-p220-new-p220-fi-old-fz16-r15-4.html. This should give a good idea on these bikes. But again I would say you should TD yourself and then chose.
On the other hand, why not look at a used Ninja 250 R. I have read a few being sold at around 1.7L to 2L.
Gearing = R15
Suspension = R15



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Coz a 150cc would be only 150cc and can't be 200+ cc

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