A few things ...
If you have doggie-droppings on your system from Acrobat 4
(i.e., you didn't COMPLETELY uninstall Acrobat 4 prior to
installing Acrobat 7), you definitely will have problems
with FrameMaker 7's save as PDF feature as well as other
integration of Acrobat with other system
Ugh. Upgrades can be a pain.
I'd start by checking if you have a printer FILE: port. That's the port
FM sends print jobs to when printing as postscript, which Save as PDF
needs as an intermediate step. Updating/reinstalling Acrobat seems to
clobber the port, for us anyway.
If you don't have a