How do i trim the data of a cell from 150+ characters of TEXT to
display less than or equal to 150 characters with cell formating. 
Additionaly how can I make "..." included after the cut off point?  I
need the command line since i have 1000+ cells in this column that
need to be treated.

Assuming your data is in column A then:

Put this is column b - you don't need a command line - just highlight
the area you want to fill and click paste and it will work out the
formula correctly for the selected range:

=LEFT(A1,150) & IF(LEFT(A1,150)<>A1,"?","")

If you like, you can then hide column A

I don't believe it would be possible using cell formatting, and I
believe 1anton1 has the best answer you'll get unless you need it
automated with VBA.

After you have used 1anton1's formula, you can select the new cells,
copy, then Edit-Paste Special-Values, and delete your original column.