I definitely would not set up my cameras so that a half press of the shutter release button will always do AE Lock. That's a feature only occasionally needed, not all the time. Most of the time, in fact, if following moving subjects through variable light or if lighting itself is changing, AE Lock would easily cause exposure errors and AE un-Locked is the better choice. That's fine in most situations, in fact... You only want AE Lock in special situations, such as a strongly backlit subject (where you step in, meter of their face or something, lock AE, then move back to take the shot). So I am fine having AE Lock assigned to a button, for occasional use when needed.
I used to shoot with manual focus film cameras that had AE Lock only, by default. Had to learn to lift pressure off the shutter release and re-meter, any and every time lighting changed or the subject moved to different lighting.... which was a lot of the time in many situations. Lifting pressure momentarily to re-meter like this with modern AF camera and IS lenses could easily creater more problems than it corrects in a lot of shooting situations (AF less so if using Back Button Focusing).
If a moving subject is in fairly steady light, such as indoors, Manual is often a better choice and is much like using AE lock (which only works in auto modes... AE stands for Auto Exposure, after all).
Personally I use the * button to start and operate AF... And have the AF On button set to handle AE Lock... This is just a preference that I use for two reasons: One is that I prefer the larger, more prominent button closer to my thumb for AF operation, because I use it all the time and AE Lock is only needed occasionally. The second reason is that older cameras, some of which I still use, either do not have the AF On button at all or lack it among the secondary controls on the vertical battery grip, so you have to use * for AF with those models. So I just have it set to use * for focus operation consistently across all the models I use.
If only using one camera... and particularly one such as the 7D that has both AF On and * buttons on both the camera body and the vert grip... heck just use them set up whichever way you prefer.
Another thing that hasn't been mentioned, since going to BBF, I leave the camera set to AI Servo by default. I can control AF starting and stopping simply by applying or lifting pressure on the back button.... So there's less reason for me to use One Shot. However, when shooting static subjects, I still usually change to One Shot, simply because it can be more accurate and it gives focus confirmation (which AI Servo doesn't).
However, I find that I've been using Live View more and more for situations with still subjects that require the greatest focus accuracy. As a result, I'm probably using One Shot less and less.
By default and most of the time, I just have Single Point AF set up and the center AF point selected. I will occasionally use other focus modes that the 7D offers. But the simplest setup is pretty widely usable, particularly along with BBF (because it makes focusing and recomposing easy).
The most useful, to me, of the other 7D modes are Spot Focus, first, for it's greater precision (at some cost of focus speed); Expansion and Zone I use less, but probably about the same as each other. I use them when shooting with a wide angle and a small aperutre giving lots of depth of field, so precise focus is less important. I also use them sometimes with moving subject that are well separated from distracting backgrounds or against a very plain background (a bird in flight against the sky, for example).
C.Fn III - 1, AF Sensitivity in AI Servo I used to have turned down to make it less likely that the camera would switch focus to another point, while tracking a moving subject. But after a couple years using the camera and learning how to use it well, I've gradually turned this back up and now have this set +1, to speed up tracking more erratically moving subjects, to correct for a subject that changes direction as quickly as possible. Though, if having to shoot around a lot of obstructions, I might again dial this back down.
C.Fn III - 2, Autofocus/Drive AI Servo 1st/2nd Image Priority I have set to default option 0: AF Priority/Tracking Priority.
C.Fn III - 3, Autofocus/Drive AI Servo Tracking Method I have set to 1: Continuous AF Track Priority. I think this mostly effects when using multiple AF points, doesn't have much effect when using Single Point, Manually Selected.
C.Fn III - 4, AF/Drive Lens Drive when AF impossible I've been leaving set to default 0: Focus Search On lately. If I start to get a lot of hunting for some reason, I'll switch this off.
Most of the other C.Fns just have to do with what modes are available, Micro Adjust, how things are displayed... All things that are largely up to personal preferences... Not so much related to AF performance. One exception is C.Fn III - 12: AF/Drive Orientation Linked AF Poing. I tried this for a while, but find with faster moving subjects that it seemed to be causing a slight AF delay each time I changed camera orientation. I missed some shots because of this so now have it set to default 0: Same for both vert & horiz. When using this feature, not only is it possible to set different AF points, it's also possible to have the camera use different AF modes that are orientation-related. For example, you could have Single Point set up for horizontal and Zone Focus or Expansion Points set up for vertical orienation. Also, if using this feature, it's important to note that there are actually three orientation modes that need to be set up: horizontal (landscape), vertical (portrait) with the grip at the bottom, and vertical (portrait) with the grip at the top. Forget to set one and things can get weird when you are trying to shoot fast!