The answer is theoretically yes. No doubt there is a powder charge which would propel a 150 grain (or other weight) bullet from a Tokarev pistol, working the action without damaging anything. Somewhere. I have no clue what it might be.
I just looked at my Lyman #47 manual. The closest I could come was for .30 Luger, and the heaviest bullet listed is an 84 grain lead bullet. Not much help. I looked on line; nothing substantial. Wiki article has reference to a Chinese 'sub sonic' version of the ammunition, but no details.
Were it me, and I would not suggest any other hair brain try it, I would start with a bullet of 100 grains (the Speer .30 caliber 'plinker') and a light load of rather slow powder. The Speer manual lists loads for both .30 Carbine and .32-20 rounds. Those cases are NOT the same internal volume and are not the same pressure level. So I would calculate the difference in internal volume and adjust the powder charge for that; THEN adjust down again for the pressure level difference. I'd load the bullet as far out of the case as possible - so as not to lessen the internal volume any more than required.
Test firing would be done in a pistol I wasn't emotionally attached to, probably tied (duct taped?) to a tire on a day no one else was at the range. With a long string. Wearing a heavy jacket (I don't have a bullet bouncing vest anymore), eye protection and probably a machinist's face shield. Heavy gloves. I'd have my squib rod to beat the bullet out of the barrel if I had been too cautious with the initial powder charge.
If I was stupid rich, I'd have someone re-barrel and chamber a decent bolt action for the round. That would probably hold up better in testing - but it would probably not be worth much when fully developed.
If the gun didn't go up in a fireball, I'd examine the pistol AND the fired brass to determine if the case pressure was too high or too low and adjust as needed. If it sort of worked, I'd have a place to adjust from for a heavier bullet and so forth.
I would not attempt this with anyone else at the range. Having a firearm blow up - even if one expected it - is not enhancing to one's reputation and good name. If the pistol did blow up, I'd clean up the mess and take the bits home with me. I'd throw the pieces away somewhere I could deny being involved - after thoroughly checking all the broken bits and fired brass to see where the blowup occurred.
Once again, I would not suggest anyone else try such a silly stunt. It is somewhat pointless. There are any number of pistols that are sub sonic without fiddling.