The problem is youre just putting off something that will need to be addressed later. When Win7 comes up it will be missing approximately 300 updates. If automatic updates is enabled then svchost will be maxing out the cpu at 100% and the pc will unbearably slow. I know this because it's happened to every fresh Win7 install I've done in the last few months. It's a known problem which is an absolute pain to reslove.
@jamescv7 suggestion is a good one. Build a custom installation CD and include all the latest updates.
It's not clear to me if you were able to upgrade to Win7 and the Win7 is stuck at updates check.
In case Win7 is stuck at updates check, I can very well help you, as I found a way after multiple hit & trials. Let me know.