Yeah, that's my understanding. The ballast anyway is just a transformer, converts the 240vac to, if I remember right, somewhere around 100volts that metal halides run off of. MHs are probably very rarely used with different wattage bulbs than their ballasts because they have different sockets.
I'd imagine there's a bit of leeway, you might be able to run a pair of 150 watters off a 250w ballast. But, I don't know if they'd start reliably.
I've run three 10 watt fluoro tubes off a 40 watt ballast before. But they didn't all start consistently. Most of the time you'd only get two of them starting.