The model 150 has a head very similar to the 200 (in fact I think most of the part numbers are the same). A parts breakdown is here: http://www.badgerairbrush.com/150parts.htm
Part no. 50-055 is a Teflon washer that fits between the head and body. Over time that washer will flatten and will cause the pulsation that you are seeing. The instructions for the model 200 say (in a little side paragraph) to loosen the head when the airbrush is stored to extend the life of that washer.
I have a 200 I still use occasionally, and every time it starts that pulsating I replace that washer and it will go away.