That just defeats secure boot, it doesn't defeat TPM backed drive encryption, which only releases the key if the OS is unchanged, otherwise you could just defeat it by booting a different signed OS.
PCRs 0+7 might not be sufficient if you don't have an up to date dbx (revocation list) - older versions of shim won't (I think) extend into PCR 7 enough information on what they chainload. This means a malicious bootloader could fake the correct PCR extensions.
Updating dbx to a version which revokes versions of shim with this issue would fix this I think, as would including PCR 4 in the list bound to, to make doubly sure that the version of shim is new enough not to present a risk.
