There were some bugs in versions of V7, including the usage meter being inaccurate. We decided to ship with these 'features' (M$ speak for bugs) to allow the Novatel HSDPA cards to go out.
Which version of V7 do you have and which menu option is greyed out?
Under Tools->SMS Settings, I have a 'Request Status' option that can be selected. This is on 7.00.0015.