I don't have much to say that hasn't already been said, but I personally lean towards 60/65 players with a 2 character cap. There's something about a lower player cap but higher character cap per player that seems more exclusive than the other two options, though obviously how inclusive/exclusive you want the game to feel is entirely up to you guys as mods. (Also 150 just seems like it would be a loooot of listwork but obviously if you guys don't mind, then it's nbd.)

But ultimately it's up to you guys! Whatever is least stressful is what I'll support.