I do it often. But, my way may not be suitable for all. I have current images (Acronis, but there are many others) sitting in safe places - anywhere but on the active partition.
I install Windows 7 on the prepared partition. I then reinstate the image. This takes care of the primary boot problem and you are clear to go.
As before, a little touch up with Easybcd puts Windows 7 back in the Windows 8 boot manager, if not already found.