Agree with Robert and Jeff, proceed with caution!
The difficulty is what we don't know the characteristics of a Propane Cylinder when used outside specification. For example, filled as intended the cylinder's metalwork doesn't have to cope with corrosion. Compressed air is very different. We don't know how well, or badly, the cylinder will resist a combination of water vapour and compressed oxygen. Plain mild-steel would be vulnerable. How long before it perforates or a seam let's go? Dunno.
It's probably not illegal to fill a propane cylinder with compressed air in the sense a specific regulation forbids it. (It's possible – consult a legal expert specialising in pressure vessels!) But in the event something goes wrong there are plenty of laws that can be applied particularly if someone else is hurt or suffers property damage. Endangerment, Recklessness and Manslaughter are all crimes in most administrations. And the embarrassment! The best defence to a charge of reckless endangerment is to prove lack of capacity, ie you're so daft you can't tell right from wrong. Your brother-in-law will tease you forever, and SWMBO could close the workshop.
Despite sounding like a Health and Safety zealot, I like to be pragmatic in my workshop. I do a bit of research, assess the risk and have some counter-measures ready if it goes wrong. In this case, the internet tells me Propane Bottles are rated between 100 and 200psi (puny compared with a Carbon Dioxide cylinder). I notice Glyn's 150psi is high for a low end propane bottle. However, I'd be happy to fill one to up to 100psi a few times as a temporary measure. What I wouldn't do is incorporate a propane cylinder into a permanent installation and expect it to stay safe for long.
Not tried to calculate the amount of energy in a 3.9kg capacity cylinder at 150psi but it's relatively low compared with a bomb. The bang could deafen and splinters could blind. Worst case is probably the valve coming off allowing the cylinder to accelerate over several metres before hitting your head. Clamping the cylinder down inside a metal screen and wearing eye and ear protection would be simple enough.
Roberts point about insurance is a good one too. Check the policy, like as not this sort of adventure isn't covered.
Dave