Before I do this I have some questions...
My linux computer is basically my main machine, are most things in the vl6 repository in the vl 7 repo?
No the vl7 repo is just a baby, right now.
Is this alpha standard or soho type version?
This alpha is for the standard version.
Will I have to completely re-install once the 7.0 full release is out, or can I just upgrade relevant upgrades from gslapt?
I guess I mean, i don't want to have to setup my whole system AGAIN after this...
Yes you would. So if you do decide to take the plunge I would hold of any extensive customization and stick with the vanilla, until the final release is out.
Also, my video card dosn't like the graphical install, does the text install still work on this version as it did in vl 6?
There is only a graphical installer at this stage. No tui install. Graphical installer is improved, however.
Considering the amount of customization you have put in, you may consider holding off or thinking of a way to install to a free partition or a 2nd drive, leaving your existing system intact and dual booting.