Sounds like a great combo. I don't know the 70-200 F4, I have the IS II myself. But if you read photozone.de, they argue that the F4 IS is almost equivalent to the IS II in image quality, given of course less max aperture. I use the 50 1.4 on my 5D II and I love it. I truly love this lens, and being an old lens an all, it gives great pictures. The one lens that I have not seen suggested here yet is the EF-S 60 F2.8. My wife has one for her 600D and I have to say that I find it excellent. It gives you both macro features and a great portrait lens.
All my friends that have the 7D loves it, but being biased since I love my 5D II, I would say that you could probably pick up a used 5 II in mint condition for the same price as a new 7D. Especially now that the new MK III is out. I don't know if this is hard, given where you are situated, but If you have a chance, I would go for that.