One way to create a LabVIEW installer is using
OpenG package builder.
This is basically an advanced copy function. (to install you need
VIPM)
You should install the VIs in vi.lib\addons\%toolkit%
Start each llb with an underscore '_' so LabVIEW won't index the file.
Also create an mnu file that shows the VI you want to have 'public'
You can't backsave to 7.0 in one step. You should have (legal) installs of all versions back to 7.0.
Not only for the backsave but also for some debugging, a lot of functionality you use is probably not accessible in older versions.
Ton