If you want to keep you 1.7.0.2 information you can do in a simple way:
- Dump you database from 1.7.0.2
- Import your dump to the new database
- Point the 1.9.2.4 installation to the new database by editing
app/etc/local.xml
. No need to run the setup procedure
I did it a lot of times without problems. When your 1.9.2.4 Magento will check your DB it will upgrade to the new Magento version and you will keep all your information. You catalog will be copied as well as your customers and so on.
Just make sure you have the same payment method modules as well as the shipping methods if you want to see old orders. If you do not want old customers or old orders to be copied you can clean them after your new install.
NOTE: This may leave some orphan information if your Magento 1.9.2.4 installation has different modules operating on DB, but nothing to concern, it should work without problems.