Hi Erik,
You should be able to do either option 1 or 2. Option 1 - just record the data with another combi unit - would be the easiest. Once data has been imported, all data within ReefMaster is treated the same, regardless of source. So you can easily combine data from different units to produce single maps, and export the maps in any format you choose.
Option 2 should work, but it would be a bit of effort, with 2x NMEA leads and serial to USB converters. Another option is to log the sonar from the Elite 7 via NMEA, and use your smart-phone as a bluetooth GPS puck. I've tried this with my Nexus 4 (there's a free Android app to send GPS position data over bluetooth) and it works surprisingly well.
cheers,
Matt