It's from private research, but there seems to be some public on the same subject and my numbers (roughly) agree with it:
https://chessprogramming.wikispaces.com/Pawn+Advantage,+Win+...ELO, Material Difference and Winning percentage are directly correlated.
You can't quantify it like that
Of course you can. A material advantage increases the average winning probability, and does so in a way that corresponds reasonably close to the ELO formulas. No more and no less.
Strong chess player is going to win with bishop odds vs any entity on the other side: 2500GM, elite GM or Houdini on 32 cores. It's just a win starting from certain level and "150ELO" doesn't convey it.
You have no argument to support this, and there's evidence to the contrary. (See the above study). "Strong chess player" is totally meaningless, ELO is a relative scale. A 2500 player loses just as hard against a 2850 one as a 1600 does to an 1950. That's the definition of ELO.
I'm sorry but you're just not going to beat Magnus Carlsen in a long match even if he gives you bishop odds. That's exactly what him being 2880 ELO means. You would beat Karpov (!) though.