sorry for bumping such an old thread (and about even older software), but maybe some more people has the (bizarre) need to connect to a SQL 7 instance.
I found a post that says that EMS Sql Manager is able to connect to SQL 7, it does not have the same tools as SSMS but may be a lifesaver. Unable to test it here though. good luck to anyone.
http://forums.asp.net/t/1373341.aspx?Management+studio+for+sql+server+7
cya