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I hit a 150 on my first practice test. This was with 0 preparation, next to nothing to eat throughout the day, and in the midst of a conference I was attending.

Is this cause for concern or do I need to just develop an effective study plan? What is a good score for just "winging it"?

The prevailing wisdom I think is to treat diagnostics with a grain of salt - recognize certain weak areas but in general, don't regard the initial score as any testament to your ability. My diagnostic was a 150 and last week I got a 168 on a PT. I started studying about 2 months ago aiming for October and then December but honestly, you should take it only when you feel that you can get the best score you can.

Study plans can be found in the stickied threads. I wrote up my own but any schedule basically involves working through guidebooks like Manhattan/Powerscore/etc. to teach you the principles behind the questions, then working through drills (ie doing a lot of the same question types to get familiar with the principles) and finally on to full on tests Preptests (PT).

Where can I get more prep tests?