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I'm not sure. When you do a save with options>save for previous, you then click the save button and it should save the VI (or llb) in a new folder with the name of the main VI that you are saving. It's possible you just didn't select the 7.0 VI in the new folder.
What is the source of your your two signals and what is the data type? If you are getting two channels of data a point at a time, the posted example should work just fine. One channel goes to the x input and the other channel goes to the y input. You might want to post a picture or (better yet) the actual VI you've written to better help someone understand the difficulty you are having.
