Photoshop 7 upgrade to CS3 on OS 10.5

I am a poor designer boy finally forced to upgrade once again.

I am running os 9.2 on a G4 733, and PS 7 (I have forgotten the password to the os X boot).

I purchased a new imac with os 10.5 and used the Migration Assistant to move PS, Illustrator 10 and Acrobat 5 to the new machine. I can run Illustrator and Acrobat on the new system so doubt I will have trouble upgrading those programs to CS3 on the new machine as Adobe says they are supported.

My question is upgrading PS as it won't run under the new OS or perhaps on the new hardware.

Will the upgrade installer recognize my old version 7 of PS which I migrated to the new machine running 10.5 even though that version of PS won't run in 10.5?

If not, will it install the upgrade on the old G4, which I can then migrate?

Or&


Thanks in advance,
Mike