MFC 7.0 ships with Visual C++ .NET.  To use MFC 7.0 and Measurement Studio for Visual C++ libraries together, you will need to a.) install Visual C++ .NET, then b.) 
request the free update of Measurement Studio for Visual C++ .NET and install it.  Also, if you decide to go this route, please make sure to read the README for Measurement Studio for Visual C++ .NET.  There is a known issue with MFC 7.0's support for windowless controls that the README documents how to work around.
- Elton