Hi @net1994 ,
Your scenarios for installing Office for 2 different Windows versions and specific version number is correct, and you can update Windows 10 to the latest updates for Office 365 after deploying. The method how to install the latest updates for Office 365, it's depending on how do you configure the Office updates.
In addition, in my opinion, you don't need to specific the Office 365 version number, version 2002 is the last version of Microsoft 365 Apps that you can install on devices running Windows 7. So when you deploy Office 365 in Windows 7, it will deploy the latest updates for Office 365 in Windows 7 and the different last updates for Windows 10. You can try to test for 2 PCs with different Windows systems.
Hope the information is helpful.
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