I got it resolved yesterday, got both After Effects 7 and Adobe premiere Pro 2.0 working on Vista 64 bit. The solution seems odd given that this is a legite install of licensed software.
1) change your date to at least 30 from the current date, next time you start Premiere you will get a dialog that says you now need to activate the software
2) Activate the software, you may need to use phone activation as in my case the internet activation would not work.
3) reset your clock back to proper date and time.
You follow the same procedure for AF7.
Note that for AF7 to work I also had to install the 7.0.1 update, before certain plug-ins would not work.
Not sure if I will find other issues later but at least for now the software starts.
As far as Adobe, of course they want you to upgrade as it will make them 300$ 😀