I left Poser 7 exactly as it was and just added its runtime as an extra runtime in Poser Pro 2012.

I've personally found it easier to install most new content into the Poser 7 runtime too - that way I can use both Poser 7 and Poser Pro 2012 with the same content, and the new stuff that came with Poser Pro 2012 stays neat and tidy.

i7 5960X, 32GB RAM, GTX 1080Ti, GTX 980 Ti, Windows 10 Professional.  Running Daz Studio 4.11, Poser 11, Vue Inf 7, Photoshop CS4