As far as
Windows 7 key is to be used, it will work on Windows 10 for the matching edition only. I.e. you can upgrade from Windows 7 home to Windows 10 home and Windows 7 Pro & Enterprise to Windows 10 Pro. Cross edition it will not work.
Windows 10 license is stored on MS activation servers, so it keeps track of how many systems and how many times key is used.
OEM can be used only once and is tied to the HW. Retail has option to transfer from one system to another.
If MS activation server finds that same OEM key is used again, it might blacklist it in future and your license may get revoked.
You can use Windows 10 without activation, just that you won't be able to personalize your copy of Windows 10.
Windows 10 does not need GPT. It can be happy with Legacy+MBR.
You can simply upgrade from 7 to 10 by expanding Windows 10 ISO to a separate drive and run setup.exe from within Windows 7.
In place upgrade will not even ask for key, it will automatically select the correct edition and if your Win 7 license is genuine you will automatically get Win 10 digital license.
Hope this helps. Good luck.