Several differences: V7 Sport has a .5 mm smaller bore (82.5 mm vs 83 mm for the Ambassador) to keep displacement under 750 cc. The V7 Sport has higher compression (9.6:1 vs. 9.2:1 IIRC) and there's a "pocket" cut into the crown for intake valve clearance.
I've put V7 Sport kits on an Ambassador, but not Ambassador kits on a V7 Sport. It would probably work fine, but a little performance would likely be lost.