Can I use the PWMOUT C.5 to generate 38KHz IR carrier while using the HPWM B to generate 150Hz PWM for motor control? I think the answer is no! I'm thinking of using a 555 for the IR carrier if this is not possible.
You can. Single hpwm mode is supported on the PICAXE-20X2 (see hpwm) so you can just activate the hpwm B and the others will remain as normal I/O pins.
The pwmout and hpwm pages don't mention any timer conflicts (except for the timer shared between two normal PWM pins on certain chips) so I'll assume not.