Is there any way to update this FCP 7 to the FCP 7.03 version?"
Run the SOFTWARE UPDATE from the System Preferences.
[Robert Withers]"Is there any reason to want to?"
OH YEAH! Added support for later model cameras via Log and Transfer, improvements to the workflow, stability, bug fixes. FCP 7 came out 4.5 years ago. last update was 3 years ago. So you have 1.5 years of improvements there...