CJ,
Like someone above said, I think you can't decide between electric and steam. You basically have both. My panel will be glass with only pitot-static. With a turn needle/ball and compass, along with the p-s instruments, you have everything you need for IFR backup IF (and that is a big IF) you glass goes down while in the goo.
Being an Aviation Safety Officer in the Navy, I understand risk management, and taken to an extreme, we never fly. On the other hand, we have the minumum equipement required for IFR flight. Most of us fall somewhere in the middle.
How much time will you be in actual IFR? I would bet not many hours in a year, if you are anything similar to the standard GA IFR pilot. And during that small amount of time, what are the chances of your glass failing? If you design a good electrical system like we learned at Bob's course, then you can take electrical failure out of the equation. So, you have to look at the reliability of your glass system. MTBF? Just hope it doesn't fall during you few IFR hours a year. IFR flight is the ulitmate risk question in my book. Even more so than engine failure. If your lump fails on you, but you can navigate your way down from the goo, you can still coast and dead stick it in. If your engine is running and you lose your instruments in the goo, your chances are not quite as good. That is why my risk management if mostly focused on actual IFR flight.
I would ask myself why I have a wet compass. If you have any intention of using it during IFR, you are just asking to auger in while in the goo, after you get the leans throwing your head all the way over to the right to look at your heading.

In the EP-3E, we have it in the center of the flight station, which is about the same distance over that it will be in the -7, but if we are doing partial panel work we are locked on turn needle/ball and VSI for pitch and roll. It is the FE or co's job to call out your heading off the wet. Keep your eyes on your primary instruments! If you plan on your steam heading indicator to be your backup, get rid of the wet. That being said, you can never have too much redundancy, but it does come at a cost, and if you spend the money on an instrument, put it where you can use it (physical placement).
Seems a little over redundant, but ......Overall I like it, I just wouldn't want to pay for it!
