I am sure it would be just fine. Meguiars makes their LSPs compatible with their polishes and glazes and I'd bet that #7 has at least as much oils in it as VM or RMG.
I should have one up too. Finally got some outside shots of the Cayenne I did about a month ago and the silver G35 I did today turned out insanely wet (AIO/Acrylic Jett).
I used #21 over #81 Hand Polish which is as oily as VM and RMG like Scott says, and it looked quite good. The #21 did'nt last long so for max durabiltity I think I lesss oily base is advisable though.