No way! It will not run in Windows 7 64-bit. I tried it
Here is Microsoft’s official compatibility page for Microsoft Office 97:
Windows 7 Compatibility for Microsoft Office 97: Microsoft. Drivers, Updates, Downloads
Microsoft Office 97 is not compatible with Windows 7 64-bit. In fact, you will not even pass the installation process. You should use XP mode and hope it works there, but even then your best bet would be Office XP at a minimum. At the time of development, no one who was part of the development process of Office 97 could have ever imagined consumers trying to install the product on a 64-bit operating system years in the future. Generally, new operating system upgrades are developed to spur an entire new generation of technological innovation and software applications. While its very likely that Office 97 was tested under Windows 7, it is also very likely that mainstream support for legacy applications such as this one was abandoned. That is why it would be so important to use XP Mode.
I sympathize with your problem. In fact, I was intrigued by the idea. So much so, that I tried to install Office 97 for you, on a clean install of Windows 7. The screenshots document my results. The installer completely freezes when a legacy system file could not be found. The file in question is CTL3D32.DLL. Consequently, the installer freezes at 10%, when installing WZDT80.MDT.
CTL3D32.DLL was a Dynamic Link Library file that contained graphical user interface (GUI) features for previous Windows operating systems. Even if you could get the file off an older version of Windows, it very well could be the beginning of a string of errors in the installer.
You can try with XP Mode, but even during the release of Windows XP in October 2001, Microsoft was pushing Microsoft Office 2000, and of course Office XP. I believe you will save yourself much grief by simply getting the latest version of Office, if it is possible.
Below are some screenshots showing the attempted installation of Microsoft Office 97 on Windows 7 64-bit: