I am using the 150 mm f2.0 on my OMD all the time and it works great. The lens is very sharp. With the OMD you can hand hold the 150 (it's big but not huge like the 300). If you use a shutter speed above 1/250th you can get away without a tripod, I use a monoipd a lot. The 7 14 is useful on the OMD and easily hand holdable. The 300 doesn't work as well (it hunts a lot) but on a tripod, manually focused, the files are visibly better than the files from the E-5 (a newer generation sensor, 16MP vs 12MP)
The lenses are wonderful, if BIG, HEAVY and very well built. The E-5 is not a bad camera, just long in the tooth and the OMD is a much better camera.