7-LB should be fine, as long as your engine and hoses are in good shape. It's a small increase over the stock value, and will just give you a few extra degrees of cooling-system margin against overheating. I've intentionally run my '58 3A with a 7-LB cap (also 1") for the past three or four decades and many thousands of miles with no ill effects.
Pressure-wise, the only thing that I watch for is the thermostat housing casting where the bypass hose attaches. On some castings, I've seen the nipple for the bypass hose to have a bit of a taper to it, which makes it easier for the bypass hose to come off, especially if RTV is used to seal the hose. Found that out the hard way back during the Carter years.
The remedy for this is to file a shallow circular groove in the bypass hose nipple, so that the rubber hose material, when the clamp is tightened, can squish down into the shallow groove and lock the hose in place. Never had the problem at the other end of the hose - probably due to the roughness of the iron water pump housing casting.