My recommendation is to go ahead and get a 7x17 and try it. I don't think there is any substitute for experiencing it hands-on. You may discover "this is it!" or you may decide it's too much trouble compared to enlarging from 4x5--but you won't know until you try them both.
Personally, I've been shooting a lot of 11x14 in recent years, but have just embarked on a switch to 7x11. I have also done a fair amount of 4x10 and 5.5x14 using both an 8x10 as well as the 11x14. 11x14 is a little more trouble, but not that much compared to 8x10. My main reason for switching to 7x11 is I have more options for drum scanning--there are not too many scanning services that can handle 11x14. Of course, this does not apply to you since you are aiming for contact printing.
As for the extra costs, it's a trade-off in terms of how much personal pleasure you get. From my experience, a successful 11x14 negative has definitely been worth the extra investment.
I agree that if your goal is a 7x17 print, then seeing a 1:1 composition on the gg will be more satisfying than squinting at a 2x5 composition and trying to imagine what it will look like when enlarged--but that's just my personal opinion, dedicated 4x5 shooters may well disagree.
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