1998 GMC Sierra K1500 5.7/4L80E, longtubes, 411 w/COS 5, marine cam/intake, Whipple. 91 octane at 6000'.
1997 GMC Sierra K3500 7.4/4L80E, 411 w/COS 3, Whipple, small cam.
2004 Corvette Z06 with longtubes.
Yes, I think this becomes the issue. You can use the older 7.5 all you want, but it probably won't connect with your V2 that has been updated with the newer version of firmware which matches your newer version of EFILive. I am pretty sure that you can not downgrade your firmware either on the V2 to match this older version of EFILive. The proverbial catch 22.
I was able to open my tune file which matches your OS and make some changes using your CAX file. It saved ok, and I was able to re-open it and the changes were there. I did not flash it into a PCM.