DAEMON Tools Pro 4.35.0306 and DAEMON Tools Lite 4.30.4 are compatible with Windows 7 32-bit and 64-bit versions (since Windows 7 RC1).
The only thing you will get on Windows 7 with DTLite 4.30.4 is compatibility warning (so-called Softblock). In spite of this warning DTLite works fine with Windows 7 platform, just click "Run program" button.
In case you think DTLite has some issues which are specific for Windows 7 only, please note you are wrong. Right now we haven't any information about any new issue specific only for Windows 7 systems.
Most cases described in "Common Problems and Solutions" forum can be applied for Windows 7 operating system.