DITTO..DITTO...DITTO...If the angle lays to cut the 7 towards the 3/1, while focusing on leaving whitey on the long rail just below the side pocket, I think that is a good, simple solution.
The straight back or the two-railer on the 8 from there will be low percentage, and would force him to let go of the cue ball.
I like the amount of control this shot offers, very little chance of hitting it bad or giving up anything easy.
Cutting the 7ball towards the 3ball seems to be fairly simple to me, this shot doesn't leave any offensive shots for my opponent plus it doesn't leave a trapping shot like some of the other options may leave.
Dropping below the 3ball or even parallel to the 3ball off the 7ball may leave a return bank on either the 1ball 3ball, or 7ball, or possibly the 8ball if it's moved, with the ability to position the cue ball behind the 1ball or 3ball. Try to stay in front of balls that are positioned near mid table this way you only giving up straight back banks. Dropping behind balls that are positioned near mid table usually opens the door for your opponent to get creative, so with that understanding you must be sure where the balls will end up when you opt to drop behind balls that are positioned around mid table.
Playing off the 7ball seems like a viable option providing you know where the 7ball will end up. From the angle shown it looks iffy to me on where exactly the 7ball will end up, and that's providing the hit is executed well.