Size does matter.
Is the chimney the proper size, just not the inlet? It is usually possible to enlarge the inlet.
Check the specifications on the heater you have in mind. Usually the designers or manufacturers will know the range of chimney sizes that their heater can tolerate.
The proportion of flow in the two sizes (120 mm vs 150 mm) will be:
r = radius of 120 mm diameter pipe = 60 mm
R = Radius of 150 mm diameter pipe = 75 mm
Ratio of cross-sectional area for flow to go through = pi*r*r / pi*R*R
= (60*60/75*75) (the pi's cancel out)
= 3600 / 5625
= 0.64
Conclusion: even though 30 mm sounds small, you will lose more than one third of the flow area.
It would make a difference to my stoves, though I could probably
beef up other factors if I had to make it work.
Best option is to re-cut the inlet larger, if the chimney is 150 mm. Or choose a heater that is designed for such a size of chimney collar.
-Erica