So since you are not "bridging" the two nic connections together the win 7 machine will not have internet access.
However this in no way prevents an infection from using your PC as the middle man.
The much better option is to use firewall rules and then you can connect the windows 7 PC directly to the switch/router.
You need to find out the port numbers that the software on the windows 7 software is using. Then using either a third-party firewall or the iptables in your router (if it is a higher end router or has 3rd party firmware), you can then allow the specific traffic you want the win7 machine to get, and deny all other traffic with an implicit deny statement.