Yeah, I did some rough calcs (after my anti-procrastination timer expired and I couldn't waste more time here, haha). If you have ~1000 words, ~10 bits/word, seven words is 70 bits, and you lose about 12 of those by allowing reordering, and obviously 10 if you let them flub a word (via a parity word or storing 8 hashes). Seven words could be 48 bits with both kinds of variation allowed, or 58 or 60 with only one kind allowed. It might also help users remember to give them limited choice of code (pick one of 4 or 8 codes, say), which could cost you up to 2-3 more bits (on the paranoid assumption that users will pick according to predictable patterns).
How much entropy you target depends on the system. If it needs to work as a crypto key, then you really need entropy, and good luck to you. (Maybe you have folks remember a piece and write a piece down, and use an expensive key scheduley thing to stretch the concatenated result out.) If it's for a login system where you can rate-limit, then, hey, even 32 bits is a lot if the attacker has to wait one second between tries.
Just realized, if you use a parity word to recover from the user flubbing one word in a login system, you don't need to store the cleartext in order to correct the word they missed--you just redo the parity calculation on the remaining words to recover it. Yay. Also, to recover after a parity error in a seven-word phrase, you have to check seven different potential passphrases (assume word 1 was erased, apply parity to recover it, check, repeat), so I guess it takes another three bits off your security on top of the 10 of losing a word.
On users just omitting a word all the time if the system lets them, I think 1) you require them to enter the full number of words every time, 2) if you see an error recoverable using parity, first you tell them which word was wrong and ask them to re-enter it, 3) if they still can't get it, you tell them what the word was (shoulder-surfer issues obv) and they have to type it. Then you minimize how much you show, you (try to) keep the user from slowly forgetting the passphrase one word at a time, and you make sure that entering your whole passphrase is the fastest way to log in.
Though it's nice what weird stuff you can do while keeping a hashed cred DB, if it were a login code (not crypto key) and there were big wins to other aspects of the system to keeping the clear version around (for example, it let you do some significantly better error-tolerance strategy), I'm not sure you have quite the same level of obligation around a random token that you give out specifically for your app as you do around a password the user entrusts you with that they also use elsewhere.