Interesting idea if I'm understanding correctly. You want to use PD7 to boot a native install that you can also get to by booting holding option, right? We can do that with Windows 7 and bootcamp and an OS X install has no hardware lock to I don't see why not. I'll give it a try right now and post back.
UPDATE: Short answer, no. When using a physical disk Parallels ignores HFS+ partitions and only looks for Windows partitions. If Parallels, in Parallels Desktop 8, gives us the ability to specify a specific partition on a physical disk this would theoretically work. In Parallels Desktop 7 it is not possible.
Last edited: Feb 22, 2012