I am not an expert on GIF, but does GIF even support 7-bit palette?
You could look at some of the other non-IM GIF apps. See
http://www.imagemagick.org/Usage/formats/#gif_non-im
Testing:
convert logo: -depth 8 logo8.gif
identify -verbose logo8.gif
Image: logo8.gif
Format: GIF (CompuServe graphics interchange format)
Class: PseudoClass
Geometry: 640x480+0+0
Resolution: 72x72
Print size: 8.88889x6.66667
Units: Undefined
Type: Palette
Endianess: Undefined
Colorspace: RGB
Depth: 8-bit
...
Colormap: 256
...
Filesize: 37.4KiB
convert logo: +dither -colors 128 logo7.gif
identify -verbose logo7.gif
Image: logo7.gif
Format: GIF (CompuServe graphics interchange format)
Class: PseudoClass
Geometry: 640x480+0+0
Resolution: 72x72
Print size: 8.88889x6.66667
Units: Undefined
Type: Palette
Endianess: Undefined
Colorspace: RGB
Depth: 8-bit
...
Colormap: 128
...
Filesize: 32.1KiB
So the file size is smaller with -colors 128