That's an interesting variant. I doubt that it works though. My GRE score would predict me having an IQ of about 150 (and that should probably be a low estimate since having English as 2nd language presumably drags down my verbal score). And I'm certainly not up there IQ-wise. I'd guess my IQ being somehwere in the 110-130 range or so.
Yes, I also got '150 IQ', from those GRE/SAT score translators. I am also skeptical, and I also think my real score would probably be the range you mention. I've never been motivated to investigate such things, and find people who do in rather poor taste.