what is it that breaks in ie 7?
is it the [% or just the [ or just % i can try and replace these tags formats with something else like [# or [^ if need be.
Having said this i am using ie7 writting this and the link looks fine and switched between both normal mode and html mode without issue. What are you settings for this editor i am typing this in as it seems to work.
Here is an example.
Cheers