Errrr no. Exactly at such scale. V7 is not a good base. It was no good base. V7 is not even a base at all. A lot of issues were fixed from V7 to V8. There's issues left from V7 which we still have to deal with even now.
Anyhow near the end of V7 the player count would average to about the same as it is now (maybe just a little bit higher) but one cannot ignore that the GunZ scene has gotten much smaller over the years, the same happens with all games, it's an unstoppable trend.

Going back to V7 is not an option and wouldn't do anything for the game. It would be much better to actually start with a good base with clean code.