Well, it's just one stop difference... Will leaving everything else the same, shooting at f2.8 (with the resulting shallower DOF and perhaps not quite as sharp wide open as the f4 lens or stopping down a little bit would give you), and doubling your shutter speed be enough? I think the suggestion to test with your 50mm set to f2.8 was simply to see if that gave you enough additional speed to be worthwhile.
As a rule, the 70-200/2.8 IS "Mark I" is quite good wide open. It's close, but not quite sharp as the f4 version... not surprising really.
But my point is that although it's good wide open the f2.8 lens, like most, will be even better stopped down a little... If you crop a lot, for example, that might be a consideration. If necessary, stopping down would negate the stop you had gained, of course. (Side note: 7D images need considerable sharpening. If shooting JPEGs, you might be doing that in-camera... If shooting RAW, I find I need to use nearly double the sharpening I did with 50D. The 7D seems to have a stronger anti-alias filter. I haven't used them but would guess that the other 18MP cameras using very nearly identical sensors might need similar additional sharpening.)
Also, depth of field becomes a consideration when using a larger aperture. I've got several f2.8 or faster lenses, but don't necessarily use them wide open all the time, if DOF will be too shallow.
If you can live with a slightly less sharp image (emphasis on "slightly), and somewhat shallower DOF, and the gain of one stop is enough to get the shots... then it makes sense to look at swapping to the faster lens. If any of these considerations might be a problem, you might have to take another approach (such as bump up your ISO, buy Noise Ninja or similar, shoot RAW, and do more post processing on your images).
What are you doing with your images and what ISO are you using? I shoot 7D at 3200 fairly regularly, processing RAW files through Lightroom 3 (which has much improved noise handling compared to LR 2). Images are fine for up to 16x24 prints with little concern about noise. If you are printing considerably smaller or for the web, then you might have even less concern about noise and might be able to use higher ISO. I find the main thing with high ISO shooting is to avoid under-exposure at all costs. Even if exposed correctly, if there is a lot of deep shadow area in an image it will show noise in those areas.