Elstead. I'm 44, been running for 5 years or so. MHR is 179, RHR is 40. VO2Max is 65.5
For a race under HM distance I will average around 167bpm or 93% of MHR. I can peak in a race around 98% but that's got to be near the end. Generally I will control the pace not to go so high mid race because it's really tough to recover from there. In a marathon I can sustain about 89-90%
In your case, 154 out of 160 beats is 96% and I would say that this is not sustainable beyond a couple of kms if that. The point of going faster is not purely about being able to sustain higher heart rates as you reach a very hard limit and ultimately can do a lot of damage to the heart.
By good training, you seek to reduce your lactic profile so that for the same energy burn (lactic acid being the byproduct of glycogen and oxygen burn), you are able to go faster. So you'll benefit more by focusing on running around your lactic threshold, around 90%, than trying to increase your VO2Max which is already very good for your age and will show little sign of improvement compared to your LT. Good luck.