Yes, it is a V7, and yes, I was at tdc on the compression stroke. I took the engine around a couple times to make sure I knew how the valves functioned and what the compression stroke looked like.
It seemed to really like having the valves adjusted, as it felt more willing to rev than when I got it. I am sure mine got the moto man break in, as it was a demo from the shop I bought it from.
Very happy with this bike. I need to get a picture.