+1 on what blowlamp said, providing headstock spindle is parallel to the bed and turning a cylinder without taper. The saddle guide, or fixed gib, ie the felt pen cross-hatched area in the pic below, is a high-wear area on well-used ML7s. On ours it was worn about .030" at one end and about .005" at the far end. This kicks the whole carriage around at an angle, thus facing concave. Usually, most wear is at the headstock end of the guide and is quite visible by eye.

The problem is most pronounced on high-mileage pre-1972 "narrow guide" models. The narrow guide is the one highlighted in the pic. As you can see, the load-bearing area is pathetically small. If yours is this model, the fix is not overly difficult. By adding a strip of gauge plate to the wide guide surface (at the rear in this pic) to bear on the unworn rear shear, the lathe can be bought back to as new. (In fact better than new!) Neil has a nice article on file on how to do this, so I would expect it to appear in MEW at some future point.
If you have a later wide guide model, you might be able to do the reverse and convert it to narrow guide to bring it back in line.