I have a 7 foot bar box on my patio with Simonis 860HR and Ridgeback rails. Plays great. I have a monthly 8 ball tournament played on a 9 foot Big G Gandy. Doesn't affect my game at all. True, the long shots on a 7 foot table are easier but all the angles and cuts are the same on either table. I enjoy my 7 foot table more than the 9 footer but if possible I would have had a 9 foot Diamond or GC installed in my living room (my wife said: "over my dead body!"). I wouldn't worry about it, buy the Valley and enjoy...
I have found that having a home table is an easy way to justify dropping out of league play and just do the occasional tournament. It's a big expenditure upfront, but my table has paid for itself in this way.
Thanks for the input, the table is going in my garage which is 20 x 15, but I have all my garage type stuff in there, lawn mower, full size fridge filled with beer, bikes, and things... So I would like to still have more moving around space with the smaller table.
As mentioned above, if you don't bother playing 1P or 14.1, then a 7 footer is fine. If it's all you can fit, go for it. I'd prefer a 9ft diamond, but space is always the key. I'd get a 7ft diamond over the valley.
You can play 14.1 on a 7 footer. It's a bit of a different game though. Lot more clusters; no long shots. In my experience you have to have a really tight cue ball to avoid getting hooked, especially around/behind the rack. So that's good practice.