Support didn't give me an answer. Luckily the JVC Everio HD camera I bought came with Power Director version 6 NE and so I uninstalled version 7 deluxe I had bought for my SD camera, and installed version 6 that came with the HD camera, and then upgraded to version 7 ultra in the normal manner throught the website.
I think an upgrade button for people with version 7 deluxe to go to version 7 ultra should be added by Cyberlink Upgrade page as well - as I was just lucky I bought a JVC HD camera later that came with version 6.