Any GPS only Apple Watch will work with a Tracfone. If you purchase a new Apple Watch, it MUST be paired with an iPhone running iOS 16 or higher (current version is 16.2), so your iPhone 7 is not compatible with any watch Apple sells currently.
No Apple Watch Cellular will work with Tracfone, because they do not support cellular services for Apple Watch. If you intend to stay with Tracfone, a GPS only watch would be the way to go. But if you think you'd like the advantages of having cellular service on an Apple Watch, you need to move to full service carrier, who does support Apple Watch.
This link lists the carriers who support Apple Watch --> Apple Watch - Carriers - Apple