DTREID,
I have attached a picture of the oil dip stick showing the graduations adjacent to a tape measure. Regarding calibrating, I'd do it a little different than Blimpy. See everyone has an opinion.
I'd put in 5 qts and run the engine for a few minutes to distribute the oil. It won't hurt it to idle for a few minutes, just make sure you see oil pressure. I would then shut it down and measure the oil level. If 5 makes you nervous, than do 6. Do it again as you add oil to whatever level you desire ( 6 qt or 7 and/or 8). If you have an oil filter and or drained the oil cooler it will impact what level you will see.
Personally, I don't drain my oil cooler or refill my oil filter prior to when I change it. Some do so, you get to choose.
BTW, I saw in the 6A350 (220 hp) manual that the oil level is to be measured with the dip stick UNscrewed from the case. Nothing about that in the 150/165 manuals.
Regardless, just be consistent on measuring after you "calibrate" your dip stick.
The difference that I have seen between dip sticks is the length of the exterior part (sticking out of the engine case). I haven't seen a dip stick with graduations greater than 8 qts, though the 165 manual lists 8.8 qts (using the same sump as the 150). Maybe someone else has? Also attached a picture of the different dip sticks. You may have to double click the pictures to see the detail