Not with LabVIEW 7.1. With later versions NI added the ability to point LabVIEW to a different VI when it asked you to find a VI. So, you will need to let the VI load with the missing VIs and then manually replace the missing VIs with the new ones.
There may be a way to do with scripting. Scripting back in the days of LabVIEW 7.1 was not officially supported, but you could enable it with special keys in the LabVIEW.ini file. Since it was not officially supported, though, the functionality to do this may not even be there.