You can do this, but honestly, the real challenge with FFVII on PC is getting it to run in the first place. And not crash at the Chocobo minigame. And run the submarine minigame at a sane speed. (It's not speedlimited, and synced to run on a 200MHz Pentuim II. On a modern PC... it's unplayable.) The motorcycle game doesn't matter inspeed. You'll just be at a disadvantage at a boss because of it. Then you just have to worry about random crashes and getting the music right.
Worry about getting it to work first, then mod it. Honestly, if I were to recommend someone playing FFVII on PC, I'd suggest buying the Playstation version and emulating it. That's much more stable.
However, it is possible to get it to run, I can make it play on my Vista installation, but it's really difficult. Hell, to get the music right, you pretty much have to copy the music files in from a Playstation version. Luckily I have both so that wasn't a problem for me.