Simple Power Sink Circuit
It could be. But you need to keep the power on the mosfet within limits.  


Electrical limits.  
Thermal limits.  



Although the datasheet might say it can do 150 Watt, you can't go from 0 to 150 Watt in an instance when it's at room temperature. It will  destroy itself from the thermal stress. I'd keep the TO-220 around 40 Watts maximum.  


A variable frequency drive with brake uses a resistor with chopper. This can be as simple as a comparator enabling the resistor when the DC-Link voltage exceeds the threshold. This is the voltage on the capacitor bank.



(source)   

This is basically what you did with the crowbar, except with a resistor as the dissipating element. Resistors can handle more abuse than semiconductors in linear mode*.

*Infineon appnote: Linear Mode Operation and Safe Operating Diagram of Power-MOSFETs (J . Schoiswohl)