You are not building a LS7 for $7k, get over that idea. The LS7 block (basically C5R block) is not setup for wet-sump. You’ll spend at least $3k just getting your dry-sump setup.
Go L92 based. The block is made for wet-sump, they build as a 414 really easily with off-da-shelf parts, the heads flow ~330CFM totally stock with intake etc. I still don’t know if you can come in at $7k though. I don’t know what parts you already have and can throw at it etc.
But for $10k you can build a 550-600RWHP fully street-friendly L92.
-TJ