Leave the Windows version set to the default of Windows XP.
If using 64 bit Wine, you must create a pure 32 bit wineprefix with WINEARCH=win32.
Set riched20 to native (needed for correct display of some dialogs) after installing. There is no need to copy the dll, as Office 2007 installs its own versions, but the overrides must be set in winecfg in order for Wine to use them. These overrides should not be set globally unless Office is installed in a separate wineprefix.
The default bullet characters are from Wingdings. If you want them to look the same as on Windows, install that font.
Graphics Driver Bugs
The following are not Wine bugs, but are graphics driver bugs exposed by Wine and known to affect Office 2007:
X will crash when scrolling a document in Word 2007 when using a driver in this series. Upgrade to 195.xx.xx or later.