I would have thought there is little point in a seven inch lathe not being able to machine a workpiece of seven inches diameter? Inevitably the outside rim will need to be cut with a tool protruding at least the width of the rim – unless the rear tool post possibility is miraculous?. Either the tool or the post has to clear the edge.
I would have thought that the casting may need cleaning up a bit to clear the bed, but then just slow-going around the circumference.
Is the lathe truthfully specified as 180mm ‘centre height’ or ‘swing’? There will be a very slight difference.
Assume you are going to use TC tooling? The recommended surface cutting speed for HSS is likely less than the minimum for your lathe – and I would not want to be using one of their variable speed drives at, or near to, the minimum rpm, without extra cooling, at any sort of loading and sensible machining time.