The answer to your question is yes but let me address 2 different areas regarding your question:
1. Yes, you can create a bundle that will kick-off the Windows 7 install and deploy it to your workstations - and upgrade your existing operating system to Windows 7. We don't perform the actual install but push out the OS to the workstation. Microsoft doesn't provide a migration path from XP to Windows 7 but it installs Windows 7 from scratch into a new directory. You will then have to install the agent on Windows 7 then use the "ZAC reregister" comand to merge the two devices in your zone.
2. Yes, ZCM 10.2.2 will support all of your current bundles, policies and associations under Windows 7 but make sure you run ZAC to reregister all of your devices.
Hope this helps!
Senior Product Marketing Manager