A: Yes. VSO licenses for v6 or v7 work on any v7.x build, including 7.0.0.69.
Given the risks associated with patches, there are alternative ways to achieve your goals with VSO ConvertXtoDVD: vso convertxtodvd 70069 patch work
Legacy v7.0.0.69 has known bugs with 4K downscaling — even if you patch it, the bugs remain. A: Yes