Yes! You can do several things. Either use Pro res Lt or compressor. I use compressor, then in the encode section, I change it to best. I then make a droplet on my desktop. Then any time I need to convert the 7D footage, all I have to do is drop the file on the droplet. That's it. Pretty simple. There are also other very nice programs like squared5 and it's a FREE download. Here it is: www.squared5.com
The easiest way I have found to convert h.264 to Apple Pro res 422 is to use the free program called Video Streamclip. It's located on the above post by Eric, squared5.com. It's a very simple program to use but there are some settings that you need to change before you convert. Phillip Bloom does an excellent job of walking you through the steps on his website.
Watch the video tutorial. It will take you step by step through the workflow. Phillip uses the 5d in his tutorial but the same thing applies for the 7d.