The ST1500DM003 is reported as compatible for others old DS models, e.g. the DS408.
As anyway your DS is already working with 1.5TB capacity drives, I would assume that the HDD in question should be working as well, and it's only matter of Synology not updating any further their compatibility list for the obsolete x07 product line.
Also, in the scmed.xml file for DSM 3.2 (on my 211j) I don't see any line regarding special settings required (like APM) for that specific model.
DS-411 (DSM 4.2-3202) w/ 2x WD10EFRX + 1x HD154UI
DS-106j (DSM 3.0-1357), PATA-to-SATA adapter, 2.5" HM250HI