The truth is i haven’t tested it in IE 7 yet. As i don’t have it currently. But you can try it and i feel, it should work. You can go with lite version to test it. If it works then sure pro version is going to work as well.
Regarding the shortcode, first let me clear a thing. You place a shortcode only once. So you don’t need to redo the shortcode each time you create a blog post.
Also you can use it in your wordpress template files. You can keep these shortcode in theme template files like this