Questions about migrations between power5 and power7 And re-spin/resave

According to what i have been reading, Power7 does not support v5r4m5.
If i get that correctly, even with v6r1m1 LIC it would not IPL, am i
correct?
I have just tried to "install OS" from a v5r4m5 *21 save, the 720 just
spat the tape back at me (after reading it).
I'm about to restore said tape on a 9406-520, i assume the following
steps would be correct?

Install v6r1m1 lic
Restore v5r4m5 *21
Upgrade to v6r1m0
Install latest acum/ptf/hiper/etc
Save 21
Restore on 720Express

I dont have to worry about the object migration part, that was already
done and as far as i know it's OK to go.

Also, i have read in the mailing list about creating my own re-spins
using option 40 of go-licpgm, should i do that with only QUSRSYS and
QGPL, install ALL licpgm or maybe install the most basic pgms, install
the acum/etc and then make the media?

It seems there is a great shortage of i5/OS-aware people here in
Argentina, even the official IBM technicians make disasters (that's
why i'm trying to stop being a hardware only as400 guy).

Best Regards and thanks for the mailing list archive it's my first
reference outside the books and official ibm-site.

Roberto