nice Martin

Which port did your get?
First thing, yes do read the HC7 manual...
1) Learn how to customize the on screen menu ("P-menu"). I am assuming you had the MWB control installed. If so, make sure the White Balance button in the menu is located at the bottom right. I also put the Telemacro button right above the WB button on screen. A trick that Gates doesn't mention is that the MWB control rod can also reach this button. Kind of nice to have although the min distance of the HC7 at telemacro is a bit disappointing.
2) Turn the Quick Record on. This will help reduce the lag when the recording heads go to sleep and you want to record.
3) Turn on Zebra (so you can see where the picture gets overexposed)
4) Play around with the Manual button upfront and the Cam Ctrl dial. You can select Focus, Exposure, Shutter Speed, AE Shift and WB Shift. WB Shift is useless (good only for subtle topside WB adjustments).
Get comfortable with how these two interact topside. Not as nice as having dedicated controls for focus and exposure but can work. Say you are doing WA work. You would select Focus, AF on something at a medium distance (maybe your fins or the reef), lock the focus by hitting the Manual button once. Then hold the Manual button down until the menu pops up. Switch to say Exposure and now you can control the camera's exposure while the focus is still locked at your last setting. I've found the camera tends to overexpose resulting in blow outs or it starts upping the gain in low light situations. Shutter speed, I have been leaving at auto (defaults at 1/50s I believe).
AE Shift - I need to experiment with this a bit as I tend to adjust exposure a lot on this HC7 u/w. Maybe leaving this at -4, and then freeing up the control for Focus might work. A few times I've been caught with a fixed exposure and find myself panning into a bright shot (say following a hammerhead as it swims over...).
White Balancing U/W- I am far from being the expert here. In shallow bright situations, the HC7 does nicely. As you start going deep, you'll need to drop down the red filter of the HC7 as it will have a hard time WB'ing and you'll get some real nasty green/red combo.
Other basic tips, especially from a 1st time video person like myself... Count to 10 when you hit the record button and don't stop filming until you reach 10! You'll need the extra footage at the start and end for smooth transitions in editing. I've made this mistake so many times when I started: basically "snapshotting" and finding I'd had useless footage because it was too short...
And of course, smooth camera movements... It might not look shaky reviewing the footage on the camera's LCD, but watch it on a 40+" HDTV and your viewers will be looking green...
I'm sure the experts here can chime in with better general shooting advice.
edit: 1 more thing. If you happen to be using the Fathoms WP-25 Wide Angle port, you might find that the shiny lens barrel on HC-7 creates an annoying reflection off the dome if you are shooting twds the sun or a bright light source. I happened to have some black matted tape to tape around the front lens barrel of my HC-7.