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I have not done this personally, but I have a friend that had chosen this combination. Although he failed both F7 & P2 at his first (because he was very sick) and second attempt, he cleared both papers with 58% at his third attempt.
One advantage of this combination , he told me is as P2 (a theoretical paper) is a big step up from F7, when he was learning (revising) P2 he did not concentrate on F7 as he was already doing all chapters of F7 in P2 and also he find F7 a relatively easier as P2 is a much more advanced paper than F7.Choosing this combination will depend on :
1) You
2) Lecturer : Some lecturers when they teach P2, they start to explain (very briefly) from first the chapters of F7 to P2 syllabus because some P2 student have already forgot their F7. {a very good revision of F7 but may also have less time to practise P2 question} .Other lecturers will just continue with the P2 syllabus (F7 chapters may be explained when practicing P2 question like in correcting P2 past exam question ). You are expected to know your F7 {more time to practise question but you may find yourself in difficulty if you are weak in F7} .I hope that this will help you. Good luck.