You won't find many limitations with your set up, although you may want to include a 'slobber pot' on the breather to prevent oil venting when you go negative - Raven sells parts that are much cheaper than Christen and do the same thing. What kind of prop do you have? If you go negative and the engine stops it will probably re-start on its own once the fuel flow re-starts, although if you have a light wooden prop you may find it winds down more quickly than a Sensenich.
In competitions, at Primary a 7 will do everything required. At Sportsman the same is true but you will come up against some limitatiions. You won't be able to draw very long down 45s because you will accelerate too fast, and in any figure requiring a vertical up line you may lose marks as your engne will stop as soon as you get to the vertical, so you will have to cheat (by not quite being vertical) and the judges may spot that. The same is true in level rolling figures (just roll quickly).
Your major problem has already been mentioned - training in a 7. Because your airplane will accelerate quickly when the nose is below the horizon you will not be able to scr*w up much before your instructor will have to take over to prevent things getting very fast. If your instructor is not experienced in aerobatics in an RV please let him fly your airplane solo so he can work out what works and what does not - especially spinning. I would suggest you should take a few hours basic aerobatic training in a Pitts (or similar), including as many spins as it takes to get you comfortable with all kinds of normal and emergency spin recoveries. Then do the same on your 7, then fly aerobatics. Self taught aeros often ends in tears.
Get some good instruction and enjoy aeros right from the start.
Pete