I just completed this process. The page says you can have both versions running on the same machine, however, this is NOT true on MacOSX. Here is what I figured out to do:
1 - Make a backup of your current installation. (Options->Settings->Backup) [ HINT: I did this step twice to two different locations, better safe than sorry! I also renamed the original v7 directory to v7-old, this causes the uninstall routine to leave the old directory intact as a double backup. You can delete it once the new version is up and running correctly.]
2 - Completely remove the current installation. (Go into your applications folder / Open Netmake / Open V7 / Run uninstall.app)
3 - Install the new version by downloading the latest installer and running it.
4 - Restore your original settings. (Options->Settings->Restore / Click on Restore Zip link and choose your saved backup file)
That is it. You should now have the latest version running and all your original settings/apps restored.
Good Luck!