".... would like to be able to continue using my PS CS5 that I'm familiar with .....I'll admit that I'm no computer guru so I'm probably missing something while trying to get it to accept the dng update. .....[It seems] to be a rather convoluted process..... "
:D With that confession, I will try to help! :D
You can't update CS5 with anything that will accept raw files from your camera. It may be ethical or not, but you can't.
It appears that you are confusing the process of updating CS5 with a new version of Adobe Camera Raw, or "ACR" with running a separate, stand alone program that will convert them to something useful to you. You can't update CS5 anymore.
Installing ACR and using DNG Converter as a separate program are different things. DNG Converter will not "install in" our "update" CS5. It will make files that are perfectly usable in CS5 our of your camera's files.
You can for free CONVERT the RAW files from the camera format to a universal, public domain format called Digital Negative, or "DNG". The program to do that is called Adobe DNG Converter.
Think of the DNG Converter as a copy program. Use it to "copy" the files from your 7D MK ll or it's memory card to your computer. If the files are already on your computer, you can still make copies in the DNG format.
One way to look at it is that you have to use something to move the files to your computer. What ever it is, substitute DNG Converter for that process.
There are only two things important about the DNG format here. One is that nothing is lost in terms of image quality. The other is that CS5 will open the new ****.DNG files just like you expect.
I don't know how you store or backup you image files. You can backup the "old" camera files or the "new" DNG files. You don't need to keep the "old" 7D MK II files if you are trying to save space.
If you are a fan of YouTube tutorials, this one works. It is a few years old, so it will reference version numbers that are out of date. Watch this and it should make sense:
http://www.youtube.com/watch?v=0bqGovpuihwI think the link for getting the DNG Converter was provided, but if not:
http://www.adobe.com/support/downloads/detail.jsp?ftpID=5864