This makes the most sense, but is still speculation. It is more work to implement anything different and I don't see blizz volunteering to do more work
1) Tier 7.0 (10 man) and Tier 7.1 (25 man) will have the exact same graphic (recoloured) and similar name.
2) Names will have something tacked on to make it more epic. The best example I can think of would be "Warlock Dreadgear" (TX.0) and "Heroic Warlock Dreadgear" (TX.1).
3) Using previous iterations of gear means that a full "Tier" is 10-15 iLVL's worth of itemization. This would put T7.0 at iLVL 200 and T7.1 at iLVL215. This matches gear posted on the main page, but may change. Numbers are pulled based on BC itemization and for gear to scale it might have to be increased to a 15-20 iLVL range.
4) Set bonuses will stay the same for both versions of Tier 7. It does not make any feasible sense to make two sets of Tier bonuses (programming, graphics, triggers, etc) when the bonuses themselves either scale with gear or are not amazing enough to warrant nerfing.