I know using 400 watt h33 mercury lamps on 400 watt m59 metal halide ballasts works with no issues, but is this also the case with the 175 watt models?

Yeah, it's fine, I have one light where I have a 175w MH ballast running a 175w MV lamp.

Pretty much all probe start MH ballasts used to list the equivalent MV wattage on the label. This was changed to MH only to be compliant with the 2008 ballast ban.