What error are you getting when trying to open your older RW7 project files in RapidWeaver Classic? Generally people have been able to update their RW7 project files without much issue.
You shouldn’t need to rebuy any stacks, however depending on how old they are they might not work in RW Classic, especially if they aren’t being updated any longer. Also you might need to update the actual Stacks plugin. Stacks version 4 and higher works in RapidWeaver Classic.
RapidWeaver 7 is very outdated. We don’t recommend using it to build websites with any longer. You have a RW Classic license, so that’s the version to use.
The most important difference is the version of PHP that’s supported. RW7 only supports outdated versions of PHP, which contain multiple vulnerabilities (which will not be fixed by the PHP Group). Building a site with older versions of PHP opens it up attacks and take-overs, or your visitors might not be able to view your site in the future because their browser might block (parts of) it for security reasons.
RWC has some quality of life features that RW7 lacks, and if you run it on a Mac equipped with an M1 processors (or better) you’ll be happy to hear that RWC RWC is Apple Sillicon native.